After Ripple Labs’ notable victory at the United States District Court, significant whale activity has been observed across exchanges, suggesting a dynamic shift in investor behavior. Today, on June 24, 2024, the blockchain-based transaction tracker Whale Alert made several posts on X, identifying that in the last 24 hours, whales moved a massive 84.4 million XRP tokens worth $40.5 million across exchanges.

Whales move 84.4 million XRP tokens 

These massive transactions of 84.4 million XRP tokens involved three transactions. In two transactions, whales transferred a substantial 28.2 million and 26.2 million XRP tokens from Binance (the world’s biggest cryptocurrency exchange) to an unknown wallet. Thirteen hours ago, another whale transferred a considerable 30.8 million XRP tokens from an unknown wallet to the Bitstamp exchange.

This significant XRP transaction activity highlights investors’ interest and their participation in the ongoing bearish market sentiment. Some whales might be taking advantage of the recent price drop to accumulate tokens, sensing an opportunity for future gains. On the other hand, some whales may still view the current market sentiment with fear, choosing to dump XRP tokens on exchanges to mitigate potential losses.

XRP price-performance analysis 

Despite a historic win for Ripple last week, as of writing, XRP is trading near $0.47 and has experienced a notable price drop of 3% in the last 24 hours. Over a longer period, in the last 7 days, XRP only experienced a 4% price drop, whereas other tokens fell more significantly. However, in the last 30 days, XRP saw a price drop of 10%.

Looking at data from CoinMarketCap, it appears that investors and traders are showing an increased interest in XRP. Its 24-hour trading volume has jumped by 128%, currently standing at $886.3 million, indicating heightened trading activity and potential volatility.

According to expert technical analysis, XRP is at an important demand zone between $0.469 and $0.487. In the last 2 months, XRP has visited this demand zone several times but has remained above it, signaling a strong buying zone. If XRP breaches this demand zone on a daily time frame and closes below $0.465, a massive sell-off could occur. Meanwhile, the market might remain in a choppy zone amid this ongoing bearish sentiment.