Ripple whales have been on the move whilst XRP price action continues to suffer. Still, the question remains whether whales prepping for something big.
The total crypto market cap has been moving in the same rangebound trajectory as most of the top cryptos oscillate below their key support levels. Ripple, despite the occasional social volume upticks, has maintained a larger downward trend in terms of XRP price.
At the time of writing, XRP price traded at $0.4572, declining by 3.01% on the daily window and 6.35% on the weekly chart. From a technical perspective, XRP price was still struggling to cope with the larger bearish blues.
Still, some interesting changes in its on-chain indicators weaved some hope for XRP holders.
Ripple Whales Prepping for a Win?
Ripple whales, XRP investors, and traders, as well as XRP price, have been at the mercy of the direction that the Ripple vs SEC case takes. As the two-year-long legal battle continues, XRP price has faced a significant drawdown from its 2018 all-time high of $3.40.
Sluggish market momentum hasn’t deterred Ripple whales from accumulating. Ripple whales have accumulated close to 300 million XRP over the last few months.
Whales tend to accumulate during periods of low volatility when an asset is available at a discount and when they expect prices to go up significantly in the near future.
So, could XRP whales be preparing for a win in the Ripple vs SEC case, which would lead to a breakout above key resistance levels? Or maybe even a run to its previous ATH?
XRP Price Prediction: Signs of a Breakout
Looking at XRP price daily chart, it appears that the Ripple trajectory made a symmetrical triangle. While it is a neutral pattern, a push in retail volumes, as well as RSI, could indicate upward XRP price movement and breakout from an ascending parallel channel.
In case of a bullish breakout, Ripple price next key resistance would be at $0.50 and $0.60.
Nonetheless, there is no notable growth in XRP daily active addresses. This crypto market behavior suggests a lack of participants amid confusion stemming from the trial.
Network growth was also at low levels and had noted a downtrend in tandem with XRP price.
With network growth and DAA showing no signs of a breakout, an uptick in these metrics could present some relief for XRP holders going forward. In addition, the current low trade volumes may indicate that retailers are cautious about their move in the market.
A push from the retail side alongside higher network growth and DAA could favor a bullish XRP price breakout going forward.
Still, in case of a bearish pullback looking at macroeconomic situations and Ripple price short-term trajectory, a retest of the lower $0.44 level could be expected.
Disclaimer: BeInCrypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.