Can XRP Price Rally This Week?

Ripple XRP has had a tough price performance throughout May 2024. Due to a sluggish overall market this month, XRP has failed to breach 60 cents throughout the first 20 days of the month. However, XRP whales remain active, moving the assert to different wallets and causing mixed market sentiment. A recent move of over 300M XRP tokens is causing a buzz, with holders hoping that this will light a spark under the asset for potential gains.

According to on-chain data from Whale Alert, 333 million XRP was moved via multiple different transactions in the past 24 hours. Notably, one address moved 33M XRP to Bitstamp, an exchange in which Ripple has a stake. That 33M XRP transaction amounts to over $17M at current prices.

Furthermore, another address accumulated 250´ XRP, worth $129M from Coincheck, a Japanese exchange. The recent spike in Whale activity is creating new bullish sentiment around the asset. This also comes as both parties in the SEC and Ripple Labs lawsuit will file letter briefs in opposition to omnibus-letter motions today.

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Ripple XRP Price Remains In The Red

At press time, Ripple’s XRP is trading in the red, sitting just under $0.52 in price. A hike back up to $0.55 or even $0.60 is due, however, time is ticking for the asset to rebound. XRP holders are hopeful that the recent buying activity could spark interest in the asset and bump the price up a few cents. With Bitcoin also up Monday, XRP and other cryptocurrencies hope to follow in the leading crypto’s footsteps and get a slight pump as well.

Typically, cryptocurrencies like XRP get a slight boom or bust from Bitcoin depending on that asset’s activity. BTC’s climb north of $68,000 is certainly promising and may bring bullish momentum to the overall crypto market. This may in turn be the boost that XRP has needed since the start of May to begin its ascent.