XRP, the cryptocurrency backed by Ripple, has seen a significant increase in whale activity, with 64 million coins being transferred between exchanges. This move has sparked mixed market sentiments, with some speculating that the coin may reach its long-awaited target of $1. The price of XRP has consolidated near its vital support level of $0.5, following a recent dip.

The whale transactions, worth $15.72 million and $15.85 million, were recorded on Bitstamp and Binance, respectively. While some whales are accumulating XRP, others are dumping it, causing a stir among market participants. On-chain data suggests that XRP may be due for a price rally, but the Relative Strength Index (RSI) remains neutral, painting an uncertain picture for the coin's future price action.

Despite this uncertainty, market optimism persists, particularly in the derivatives market, where XRP's open interest (OI) has seen a notable spike. This suggests that investors are increasingly interested in the asset, which could propel a price rally if buying pressure continues.

The recent legal development involving the U.S. Securities and Exchange Commission (SEC) has also contributed to the increased interest in XRP. The SEC's decision to lower its proposed settlement offer from $2 billion to $102.6 million has been seen as a positive development for the asset.

As the market continues to eye XRP's price action, some analysts remain bullish on its potential to reach $1. While the coin's price has yet to reflect this optimism, the increased whale activity and market interest suggest that XRP may be due for a significant move in the near future.