XRP and ETH Whale movements are the results of a strong belief in the future prospects

XRP and ETH Whale Movements: Deep-pocketed crypto investors or better known as Crypto Whales are shifting more than a billion dollars worth of Bitcoin (BTC), Ethereum (ETH), XRP, and Polygon (MATIC) from unknown wallets to other wallets or exchange platforms. According to new data from whale-surveying platform Whale Alert, Crypto whales moved millions worth of Bitcoins, XRP, and Ethereum in this whole month.

XRP Whale Movements

According to data shared by renowned crypto analyst Ali on Twitter, whales are making significant moves in the XRP market. Utilizing behavior analytics resource Santiment's data, Ali highlighted the noteworthy accumulation of XRP by whales, which indicates their strong belief in the prospects of the token.

XRP holders across the world are anxiously awaiting the ruling in the landmark Ripple vs SEC case. XRP begins to observe large interest from whales as the lawsuit reaches its final chapters. Interest from new addresses declines, but velocity remains consistent.

According to Sentiments data, it was revealed that in the past three weeks, whales have made significant XRP purchases amounting to over 52 million XRP. These acquisitions carry an approximate value of US$22.9 million.

Ripple (XRP) has been striving to expand its offerings beyond its core functionalities. CEO Brad Garlinghouse has recently announced that Ripple (XRP) intends to utilize its substantial cash reserves, amounting to US$1 billion, to fuel its growth ambitions. However, despite these aspirations, Ripple (XRP) has faced significant challenges in the market.

For the past month, Ripple's (XRP) price has struggled to overcome the US$0.469 hurdle, with repeated failed attempts in May. As a result, Ripple (XRP) bulls are growing wary and may be inclined to abandon their positions, leading to a downward trend. The current price of Ripple (XRP) is US$0.45. Ripple (XRP) is 88.12% below the all-time high of US$3.84.

ETH Whale Taking Advantage

An Eth whale deposited 23,080 ETH, worth approximately US$44 million, into Binance just 20 minutes after the cryptocurrency's price rose above US$1,904. This action suggests that major holders are starting to take profits amid Ethereum's recent surge. According to recent reports, these astute investors, known for holding a significant portion of the total supply, have amassed 30.07 million Ethereum (ETH) worth over US$9 billion in their wallets.

This surge in holdings marks a substantial increase from the 26.56 million ETH held at the beginning of the year. The accumulation of Ethereum by these whales not only reflects their confidence in the digital asset but also hints at an ongoing fervor surrounding the world's second-largest cryptocurrency by market capitalization.

While the number of Ethereum users and stalkers increased in May, Ethereum's price has decreased. After increasing to over US$2,000, Ethereum has declined by 10% to US$1,800. However, analysts predict that Ethereum will bounce back before the end of the month, hitting US$2k in the process.