Ripple’s XRP is witnessing a surge in investor confidence despite the ongoing legal battle with the Securities and Exchange Commission (SEC). As the cryptocurrency market navigates through turbulent waters, XRP seems buoyed by bullish indicators and strategic whale accumulation.
As highlighted by Egrag Crypto, a top analyst, over the past three weeks, XRP’s weekly candles have consistently shown wicks below a critical arc, signaling resilience against downward pressure. Even more notably, the body of these candles has steadfastly refused to close below the arc, painting a vivid picture of bullish sentiment among investors.
As of the latest update, XRP is trading at $0.510483, showing a modest 1.59% increase in the last 24 hours. However, beneath the surface, significant transactions orchestrated by whales hint at a deeper underlying optimism. Whales have been strategically accumulating XRP, with notable purchases totaling nearly 75 million XRP from major exchanges like Binance and Bitvavo.
For instance, an unidentified whale, identified by the wallet address “rhWj9….FLQkK”, recently acquired 24.118 million XRP from Binance, amounting to approximately $12.39 million. This move was mirrored by another whale, “rfQ9E…k8Cvi”, who scooped up 26.33 million XRP from the same exchange, signaling a concerted effort among significant players to capitalize on the current market conditions.
This surge in whale accumulation comes at a pivotal moment, as the SEC’s deadline to file its reply to the Ripple lawsuit looms on April 29, 2024. Market participants have been closely watching the legal dispute, with the outcome expected to have far-reaching implications for XRP and the broader cryptocurrency landscape.
XRP/USD 1-Day price chart, Source: TradingView
Technical indicators paint a mixed picture of XRP’s short-term trajectory amid these developments. While the stochastic RSI suggests some downward pressure, the MACD signals a weakening selling pressure, potentially paving the way for a reversal. Additionally, the ADX indicates a moderate trend strength, indicating that the current downward pressure may not be sustained for an extended period.
