• XRP whales, holding between 1 million and 10 million tokens, accumulated 60 million XRP in May, signaling bullish sentiment amid ongoing legal uncertainties from the SEC vs. Ripple lawsuit.
  • The price of XRP has sustained above $0.51 and is eyeing a breakout towards the $0.60 resistance level, supported by technical indicators and investor optimism.

Ripple whales have been steadily accumulating XRP tokens throughout May, a move that signals confidence in the digital asset amid ongoing legal battles. According to recent data from crypto intelligence tracker Santiment, whales holding between 1 million and 10 million XRP added a total of 60 million tokens to their holdings this month. This accumulation trend, which comes ahead of a crucial court ruling in the SEC vs. Ripple lawsuit, could set the stage for a potential price rally.

The legal uncertainty surrounding Ripple has been a focal point for XRP holders, who have eagerly awaited the outcome of the lawsuit. The Securities and Exchange Commission’s (SEC) case against Ripple has raised questions about XRP’s classification as a security. The completion of filings by both parties in the remedies phase suggests that a ruling could be imminent, adding to the volatility of XRP’s price.

XRP has managed to sustain a price level above $0.51, with bullish momentum pushing it towards the psychologically important resistance at $0.60. Technical analysis indicates that XRP faces resistance at $0.5310 and $0.5951, key Fibonacci retracement levels. The Moving Average Convergence Divergence (MACD) indicator shows green bars above the neutral line, supporting the potential for further gains. Meanwhile, the Relative Strength Index (RSI) hovers around 48.47, suggesting a balanced outlook between bullish and bearish sentiments.

Investors have closely monitored XRP’s price movements, particularly after the recent downturn where XRP holders realized nearly $30 million in losses between May 7 and 15. This period of capitulation could be seen as a precursor to a price recovery, with the Network Realized Profit/Loss metric reflecting the net profit or loss of coins moved on-chain.

Looking ahead, XRP traders are eyeing the $0.60 resistance level, which could prove pivotal for the altcoin’s short-term performance. If XRP manages to break past resistance at $0.53, it could potentially test higher levels. Conversely, failure to do so might see XRP retesting support at $0.4665.

In conclusion, the accumulation of XRP by large wallet investors is generally considered bullish, suggesting that market participants are confident in its long-term prospects. With the SEC ruling pending, the next few weeks could be critical for XRP’s price trajectory. For now, all eyes remain on whether XRP can sustain its momentum and break through key resistance levels, including the psychologically significant $0.60 mark.

Ripple Whales Buy 60 Million XRP in May

As XRP holders navigate through the legal landscape and market volatility, the actions of large wallet investors continue to influence the token’s price dynamics.

By vivian

Vivian Njoroge is a seasoned crypto and blockchain news writer with a passion for decoding the complexities of the digital financial world. Armed with a keen eye for emerging trends and a knack for simplifying intricate concepts, Vivian brings a unique blend of expertise and enthusiasm to her writing. Her articles, characterized by clarity and depth, aim to keep readers abreast of the ever-evolving landscape of cryptocurrencies and blockchain technology.