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XRP whales are making bold moves, having accumulated over 50 million XRP tokens in a single day.

According to crypto analyst Ali Martinez, XRP whales have scooped up over 50 million XRP in the past 24 hours, boosting their holdings by approximately $29.5 million.

The surge in whale activity signals bullish sentiment in the XRP community, with the acquisition of such a large amount of XRP in a short period being noteworthy.

The market is currently experiencing profit-taking, with several cryptocurrencies trading lower. XRP fell 1.5% in the last 24 hours to $0.587.

Several factors might be fueling the bullish sentiment among XRP whales. Broader market trends, such as expectations of Fed rate cuts, might be driving investors to seek out risk assets, including cryptocurrencies.

This positive sentiment was reflected in the past week with digital asset investment products seeing inflows totaling $533 million, the highest inflows in five weeks. This rise followed Jerome Powell's statements at the Jackson Hole Symposium, in which he speculated that the first interest rate cut could occur in September. The majority of the inflows came on Friday, following Jerome Powell's dovish comments. XRP too attracted inflows, receiving $0.3 million.

XRP price action

XRP dipped from highs of $0.631 on Aug. 24, indicating that bears are vigorously defending the level. After two straight days of losses, XRP began to show signs of recovery, though it is still trading lower daily.

The initial support to monitor on the downside is $0.58, followed by the 50-day SMA at $0.56. If XRP continues to rebound from present levels, it will indicate that bulls are buying on tiny dips. The bulls will next try one more time to pass the overhead hurdle at $0.64. If they succeed, XRP might hit $0.74.

This optimistic outlook will be discredited in the near term if the XRP price falls below $0.54. This will maintain the price inside the $0.41 to $0.64 range for a few more days.