XRP Whale Activity Signals Potential Breakout
Recent data from CryptoQuant shows a notable shift in XRP whale activity, with the 90-day moving average turning positive in May. This marks a reversal from the negative trends seen earlier this year. Historically, similar patterns preceded XRP‘s 420% price surge in late 2024, suggesting potential for another significant rally.
Growing Investor Confidence Despite Price Stagnation
While XRP has shown modest price movement recently, on-chain data reveals strong accumulation. The number of wallets holding over 1 million XRP reached a record 2,850, with mid-sized wallets growing 6.2% this year. This steady accumulation indicates long-term confidence among major holders, even as trading volumes on Binance decline.
SEC Legal Proceedings Continue to Influence Market
The SEC v. Ripple case remains a key factor affecting XRP‘s market performance. District Judge Analisa Torres recently denied a motion for indicative ruling, maintaining that court judgments take precedence over private settlements. This ongoing legal uncertainty continues to impact market sentiment.
Diverging Market Sentiment Among Major Cryptocurrencies
Market data shows XRP sentiment at a 17-day high, contrasting with declining interest in Bitcoin and Ether. The stalled $50 million settlement between Ripple and the SEC appears to be driving this divergence, highlighting XRP‘s unique position in the current market landscape.
