Ripple whales have made a significant move, shifting a massive 291 million XRP tokens amid the recent relief brought by the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21). However, the XRP price has experienced turbulence, sparking curiosity among crypto enthusiasts.

The FIT21 bill, which has been hailed as a major milestone for the crypto industry, has led to a flurry of activity among XRP whales. These large-scale token holders have been transferring massive amounts of XRP to centralized exchanges (CEXs), grabbing the attention of the global crypto community. This development comes as the crypto market is still reeling from the implications of the FIT21 bill, which could have far-reaching consequences for the industry.

Pro-XRP lawyer Bill Morgan has highlighted a crucial aspect of the bill, which states that certain digital assets sold under an investment contract do not necessarily classify the asset as a security solely because it's being sold or transferred within that investment contract. This clarification could be a game-changer for the ongoing Ripple vs SEC lawsuit, and the whale activity surrounding it has added to the speculative buzz in the crypto market.

Whale Transactions Spark Speculation

Notably, a prominent XRP whale was recorded transferring 50.78 million XRP in two transactions to CEXs Bitstamp and Bitso. Meanwhile, another whale accumulated a staggering 240.85 million XRP from Coincheck exchange. The transactions involved the same wallet address, ..Rzn, and the accumulation was done by the wallet address r99QSej32n, which has been reported to make similar large-scale XRP accumulations from Coincheck in recent days.

The whales' unexpected decision to sell and buy XRP, coinciding with the positive news for Ripple, has added an air of intrigue to these transactions. It's worth noting that the whale selling tokens initiated these transactions shortly after Ripple collaborated with these exchanges, sparking further speculation.

XRP Price Sees Turbulence

As of writing, the XRP token's price has experienced a 24-hour trading session marked by both gains and losses. The token's price rested at $0.528, with a 0.96% dip over the past day. The 24-hour trading volume also plunged 37.07% to $1.12 billion, adding a bearish tone to the token.

This slipping price action potentially coincides with the increased selling pressure the token encountered with the aforementioned selloff. The Futures and Options Open Interest (OI) dipped 1.18% to $620.54 million, followed by a derivatives volume decrease of 40.73% to $866.15 million, adding to bearish sentiments among investors.

However, the Relative Strength Index (RSI) stood at 51, signaling that the asset is taking a neutral market stance. This potentially allows bulls or bears to take control of the token in the future, although the optimism sparked by FIT21 prevails.