Amidst the growing optimism for XRP's potential to hit $1, a significant whale offloaded nearly 28 million coins to an exchange, sparking intense speculation.

XRP, one of the top cryptocurrencies by market capitalization, has been experiencing significant price fluctuations, fueling market enthusiasm and skepticism alike. Despite the prevailing optimism for a potential $1 run, XRP continues to face price volatility.

A notable XRP whale, known as …Rzn, has been offloading substantial amounts of coins to a Luxembourg City-based exchange. On-chain data reveals that nearly 28 million XRP were transferred to Bitstamp, worth approximately 15.36 million.

Whale's Sell-Off Despite $1 Run Expectations

Notably, prominent crypto analysts have maintained a positive outlook on XRP's potential to offer gains. They continue to express optimism about the token's ability to surpass the $1 mark and potentially reach even higher price levels. In fact, Egrag Crypto, a well-regarded analyst, envisions XRP trading within a price range of $1.2-$1.5 in the coming weeks.

Dark Defender, another crypto analyst, echoed this optimistic view, stating that a break above the $0.64 mark paves the way for greater heights. Amid this optimistic wave set off by the analysts, the whale was recorded dumping 28.6 million XRP, worth 15.36 million, to Bitstamp. This has birthed a torrent of inferences on XRP's future price movements.

Speculations surrounding the whale's identity prevail, primarily because the address started transacting significant amounts of XRP to the same CEX soon after Ripple's strategic stake acquisition. Simultaneously, these transactions also cause an increased selling pressure effect on XRP, which could be among the factors driving its price volatility.

XRP Price Volatility

As of writing, the XRP token's price traded at $0.5248, down 0.62% in the past 24 hours. The token's chart shows a highly volatile movement, with trading sessions in both red and green territories. Its 24-hour lows and highs are $0.5216 and $0.5399, respectively.

In the interim, Coinglass data illustrated heightened trading activity for XRP, with reduced investor interest, potentially due to speculative trading. XRP's OI fell 0.16% to $613.23 million, whereas its derivatives volume rocketed 92.98% to $983.60 million. This could be further driving the token's current turbulent price action.

Besides, the RSI surfaced at around 49, hinting at a neutral market stance for the asset. Collectively, market statistics paint an uncertain scenario of the Ripple-backed asset's future price movements, although the analysts-birthed optimism on the token's bull run ahead persists.

It's also worth noting that with the FIT21 crypto bill gaining traction amid the Ripple vs SEC lawsuit, an additional layer of intrigue engulfs crypto market participants, speculating over the token's price movements ahead.