According to on-chain analysis, whales have accumulated 52 million XRP in just 3 weeks. The intense interest matches blockchain company Ripple’s dominance in the SEC lawsuit during the week. What levels should be expected in the short term?
Whales are bullish on Ripple (XRP)
According to the data shared by the famous crypto analyst Ali Martinez on Twitter, whales are making important moves on XRP. Using data from Santiment, Martinez highlighted the remarkable accumulation of XRP by whales.
In the past three weeks alone, whales have purchased 52 million XRP with an estimated value of over $22 million. The accumulation trend was especially observed among whales holding 10 million to 100 million XRP. This heavy accumulation period started on May 7 after a significant selling pressure occurred on April 12.
Whales appear bullish on #Ripple! They've purchased over 52 million $XRP in the past 3 weeks, worth around $22.9 million. pic.twitter.com/8RWtFOigQb
— Ali (@ali_charts) May 26, 2023
The spike in whales’ XRP accumulation raises questions about what factors might trigger this bullish sentiment. While individual investor motivations may vary, a few plausible explanations shed light on the underlying dynamics of the game.
An important factor is the anticipation of positive developments in the Ripple ecosystem, such as new partnerships or cross-border transactions. cryptocoin.comYou can take a look at the Ripple news in the last weeks, which we have conveyed, on this page.
What does technical analysis say about XRP?
XRP price has seen gains recently, leaving a key resistance level behind. Although the slight increase in the last 24 hours was not significant, it helped maintain the bullish momentum. However, on the weekly chart, XRP experienced minimal movement.
However, its technical outlook shows bullish strength in the market. Purchasing power increased and both demand and savings turned positive, contributing to this technical outlook. According to technical analysis, the next level of resistance for XRP will be at $0.48. The bulls can target $0.50 beyond this level. XRP is currently trading at $0.4737.
However, if the price pulls back from its current level, the bears will press for $0.43. Still, the short-term view of the XRP price awaits new news from the SEC lawsuit. Ripple has gained a significant edge over the Hinmann documents in the past two weeks. John Deaton, a pro-Ripple lawyer, says the SEC lawsuit, and thus the US market, is critical for XRP.
“The USA is very important for XRP and Ripple”
In a recent Twitter chat, a member of the XRP community shared that Brazilian bank Rendimento is the first to adopt the Ripple network for all-cloud payments. He also complained that Ripple has registered tons of such partnerships, but the news does not affect the price of XRP.
Some have argued that I’m wrong when I say: “people grossly underestimate the damage the lawsuit has caused @Ripple and #XRP.” People cite Ripple’s growth outside the U.S. but the U.S. market is very important. Ripple isn’t even offering #XRP for its own Liquidity Hub platform! https://t.co/oZiMnALszW
— John E Deaton (@JohnEDeaton1) May 27, 2023
Commenting on this tweet, John Deaton says many have underestimated the impact the lawsuit has had on Ripple’s business and XRP’s growth. While the firm, led by Brad Garlinghouse, has made significant commercial strides in foreign markets, Deaton said the US remains important to the company.
