As the long marathon between the SEC and Ripple Labs is hovering around the verge of the Summary Judgement phase, XRP has witnessed a sustained recovery rally this week despite the current market turmoil.
The ongoing optimistic sentiments from the lawsuit have contributed enough boosters to pull out XRP’s price from a prolonged downturn. However, the altcoin has experienced a significant liquidation of over $790 million in a day and accumulation by whale investors, creating a mixed reaction in the XRP price chart.
XRP Whales Are On An Accumulation Spree!
While the SEC vs Ripple lawsuit is not over yet, there are high chances for Ripple to lead a victorious lawsuit against the regulatory body, adding significant value to the native token XRP.
Furthermore, there is ample news for XRP’s bullish potential as it stands as the third largest crypto asset in the reserves of Norway’s biggest CeDeFi crypto broker, Firi. Moreover, a prominent Canadian cryptocurrency exchange, Consquare’s proof-of-reserves, holds 16.67% in XRP of the total holding.
Following overwhelming news from the XRP network, the token’s price has surged over 10% in the last week and continues to trend to the North. The bullish trend of XRP has awakened whale investors to accumulate a massive amount of XRP tokens in portfolios as it promises to skyrocket to $1 in the next few weeks.
According to Whale Alert, a transaction of 30.4 million XRP (~$11.75 million) was made to an unknown wallet from Bitso exchange, hinting at a huge accumulation of the token. If whales continue to execute massive accumulation transactions of XRP, it may empower the token to reach its bullish price goals sooner.
XRP Price To Turn Bullish Above This Level
As Ripple secures minor victories in the lawsuit and the general crypto market kicks off a recovery rally this week, XRP price has taken investors’ expectations to astronomical highs due to outstanding performance among other altcoins.
AltcoinSherpa, a pseudonymous crypto strategist, predicts that XRP price is poised to pave a clear uptrend if it breaks above its EMA-200 trend line of $0.41. The analyst believes that a breakout above $0.41 may take XRP to its crucial resistance level of $0.45, at which it may consolidate till December’s end.
While the crypto market has not fully recovered from the after-effects of FTX contagion, XRP skyrockets to $0.4 as the Summary Judgement is set to act as a bullish catalyst for the token on 30 November. At the time of writing, XRP trades at $0.3927, with a rise of over 3.5% from yesterday’s performance.
Looking at the daily price developments, XRP made an upswing to its 50% Fib retracement levels of $0.3457 to a high of $0.4194 and continues to hold its bullish momentum. The daily RSI level trades near 47, hinting at a bulls’ control with dominating buying pressure from whales.
XRP forms an ascending triangle pattern in the price chart, and a breakout above its immediate resistance of EMA-50 ($0.4127) may send the token to its Bollinger band’s upper limit of $0.4736, where EMA-200 forms a strong resistance for validating further uptrend.
Conversely, a sharp fall for XRP’s price is expected if it retraces downward and trades below the crucial support level of $0.3723, below which XRP may slump hard to its monthly support level of $0.31.