In a recent development that has sparked hope for XRP’s future price movements, whales have continued to accumulate significant amounts of the cryptocurrency amid an optimistic buzz for the Ripple community. On-chain data suggests that nearly 130 million XRP was accumulated as the Ripple XRP lawsuit was moved to the magistrate judge for settlement. Ripple CEO Brad Garlinghouse conveyed immense optimism on the development, amid which the whale activity spiked, piquing significant investor interest.

Whale Accumulations Spark Optimism

According to numerous posts on X by Whale Alert, it was spotlighted that three whales collectively accumulated 129.77 million XRP in the past 24 hours. These whales have been strategically accumulating XRP since the token slipped near the support of $0.5, and even as XRP slipped to the $0.4 level, they continued to bag more, hinting at a potential buy-the-dip strategy.

Ripple Lawsuit Update

The Ripple lawsuit, which was moved to the magistrate judge for settlement, has weighed the scale toward the optimistic side for XRP. Notably, “all class action claims in the suit were dismissed, and absolutely nothing in the decision negates or changes the fact that XRP is, in and of itself, not a security (per the NY Court decision),” Brad stated. The California ruling further dispersed all allegations that held Ripple a violator of federal securities law by selling XRP, the Ripple CEO adds. However, the remaining issue, a state law claim, looms.

XRP Price Moves Sideways

Despite the significant accumulations and Ripple’s lawsuit relief, XRP price failed to gain a substantial upside momentum. While writing, XRP traded at $0.4873, down 0.40%. Its 24-hour lows and highs were $0.48 and $0.4949, underscoring a tight trading session. Coinglass showed a 1.80% spike in the token’s Futures OI, whereas the derivatives volume dipped 5.13%. This data further aligns with the token’s turbulent movement. The RSI further rationalized XRP’s volatility, resting at 43, hinting at broader neutrality with slight downside pressure on the asset.

Crypto market participants continue to extensively eye the token for future shifts, hoping to see a bolstered movement ahead with the abovementioned developments weighing in.