Ripple (XRP) price dropped below $0.50 early this week. However, it has since decoupled from the industry-wide bearish sentiment as it approached $0.54 by Friday morning. Whale investors appear to be at the forefront of the ongoing XRP price rally. Do they have enough in the tank to push for $0.60?
The SEC’s conspicuous decision to exclude Ripple (XRP) from its recent list of tokens identified as ‘securities’ has not gone unnoticed by the markets. XRP holders are now increasingly bullish in anticipation of a positive outcome in Ripple’s longstanding SEC lawsuit in the coming weeks.
With confidence growing, especially among whale investors, will the ongoing XRP rally reach $0.60 in the coming weeks?
Transaction Volumes Continue to Soar
Ripple (XRP) price action this week appears to have decoupled from the negative sentiment surrounding the broader crypto industry. Indicatively, while most altcoins lost traction, transaction volumes on the XRP ledger network have continued to soar.
The Santiment chart below illustrates that XRP Transaction Volumes have soared 150% between June 3 and June 9.
Quite literally, the Transaction Volume (USD) metric evaluates the overall economic activity on a blockchain network by summing up the dollar value of daily confirmed transactions.
When it increases during an industry-wide contraction, it signals that XRP is gaining market share from other altcoins. If the network demand continues to grow, XRP could make significant price gains in the coming days.
Whale Investors are Leading the Rally
Large institutional investors appear to be at the forefront of the ongoing XRP price rally. Indicatively, as total XRP network transaction volume rose, the Whale activity increased simultaneously.
Whale transactions are up by 8,000% this week, rising from 7 large transactions on June 3 to 557 on June 8.
Whale Transaction Count measures the number of daily confirmed transactions that exceed $100,000 in value. When whale transaction increases, it provides market liquidity and puts upward pressure on price.
Also, given crypto whales’ influence, other strategic investors could attempt to mirror their bullish trades. This could push the XRP price rally toward $0.60 in the coming days.
XRP Price Prediction: Road to $0.60
XRP has made several unsuccessful attempts to break above $0.55. But this time, the bullish whales look set to drive an ongoing XRP price rally to a new 2023 peak above $0.60.
According to Santiment’s Market-Value to Realized-Value (MVRV) data, most crypto investors that bought XRP within the past month are now looking at 7% unrealized profits.
Historical trading patterns suggest they are likely to hold out for 6% more gains before they start to sell around $0.57.
And If XRP can break beyond $0.57, the bulls could push the rally well above the $0.60 milestone.
Conversely, the bears could flip the narrative if the XRP price drops below $0.50 again. Nevertheless, a significant number of XRP investors will likely offer bullish support at this level as they look to hold firm at the break-even point.
Otherwise, XRP could drop much lower to the next significant support level at $0.45
It is also important to note that the Ripple (XRP) legal team is expecting a final judgment in its own case against the SEC in the coming weeks. A victory could provide a new positive twist to the ongoing price rally.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.