XRP has struggled to make significant gains during the ongoing SEC lawsuit, leaving investors anxious about when it might finally surpass the $1 mark—a milestone it hasn't achieved in over two years. The actions of large XRP holders, or "whales," have become crucial for investors seeking market direction. So, what are these XRP whales doing right now?

Whale Movements in XRP

Recently, an account linked to Ripple facilitated the transfer of over 50 million XRP to various cryptocurrency exchanges, indicating a major sale. On May 1, Ripple released 1 billion XRP from its initial distribution balance. These tokens were subsequently re-locked into escrow wallets until 2027. Out of this, the company moved 200 million XRP to its treasury account and the remaining 800 million XRP were secured in escrow wallets once more. For the latest in technology news, access NEWSLINKER.

In this month's operations, Ripple reserved 150 million XRP for itself. One prominent Ripple account, rP4X2…sKxv3, then distributed some tokens to unidentified accounts. From another Ripple-related address, r4wf…Rzn, 56.01 million XRP was sent to exchanges in the past 24 hours, a move seen as a possible sign of a price decline.

During these transactions, 30 million XRP was sent to the Bitso exchange, while 26 million XRP was directed to Bitstamp. This selling pressure has contributed to the recent price drop of XRP. On-chain data from Whale Alert has raised concerns about the performance of XRP, which is currently the 7th largest cryptocurrency by market value.

Current XRP Price

Ripple's ongoing sales continue to draw attention. The introduction of more tokens into the market in the coming days could lead to supply inflation, significantly impacting XRP's price. In the last 24 hours, XRP has seen volatile price movements and, as of now, is trading at $0.534.

Moreover, the Relative Strength Index (RSI) stands at 51, indicating a balance between buying and selling pressures. Ripple's monthly token distributions and subsequent sales are being closely watched for their potential impact on XRP's price.

In conclusion, the actions of XRP whales, particularly those linked to Ripple, are significantly influencing the cryptocurrency's market dynamics amid the SEC lawsuit. Investors continue to monitor these movements closely, hoping for signs of a breakout above the elusive $1 mark.