XRP whales have been accumulating significant amounts of the cryptocurrency amid the ongoing lawsuit between Ripple and the Securities and Exchange Commission (SEC). This whale activity has sparked optimism among investors, reflecting growing confidence in XRP’s future performance.

According to on-chain data, nearly 130 million XRP was accumulated by three whales in the past 24 hours. This strategic accumulation began when XRP slipped near the support level of $0.5 and continued even after it dipped to $0.4. This buy-the-dip strategy suggests that these whales are confident in XRP’s long-term prospects.

Ripple CEO Brad Garlinghouse recently expressed optimism about the lawsuit’s outcome, stating that the court’s decision did not negate the fact that XRP is not a security. This relief has boosted investor sentiment, leading to increased whale activity.

Despite the accumulations and lawsuit relief, XRP’s price has remained relatively stable. It currently trades at $0.4873, down 0.40%. The token’s futures open interest has increased by 1.80%, while derivatives volume has decreased by 5.13%. The RSI indicator suggests a neutral market with slight downside pressure.

The accumulation of such a substantial amount of XRP by whales could influence market dynamics, potentially signaling a shift in market sentiment. Large-scale purchases often indicate confidence in the asset’s future performance, which might attract more investors to the market. This buying activity comes at a crucial time for Ripple, as the ongoing lawsuit adds uncertainty to the market.