Ripple (XRP) price reached a 2023 peak of $0.56 on Tuesday morning (UTC) after the much-anticipated Hinman speech documents hit media desks. Will XRP whales push for $0.60 once the recent development is fully priced-in?
The much-awaited Hinman documents relate to a 2018 speech from former Securities and Exchange Commission corporation finance division director Bill Hinman, who essentially stated that Ether (ETH) was not a security.
Early media reactions suggest the Hinman documents point toward an impending victory for Ripple (XRP) in the long-running lawsuit against the SEC.
Crypto Whales front-running this impending victory have already invested another $170 million in XRP this week. Here’s an on-chain analysis of how XRP could scale the $0.60 milestone in the coming days.
Crypto Whales Have Started Betting Big on an XRP Victory
Last week, the SEC conspicuously removed Himan’s profile from the commission’s website. This led speculators to believe that the document contained material information that could flip the case in favor of Ripple.
Ahead of the Hinmam speech documents release, on-chain data shows that crypto whales had already started taking bullish positions on XRP since last weekend.
The Santiment chart below reveals how crypto whales holding 1 million to 100 million XRP bought 310 million new coins between June 10 and June 13.
At the current market price of $0.56, the fresh investment made by whale investors is worth $175 million. When whales invest such a huge amount, it indicates confidence in an impending positive price action.
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The Recent Development Is Not Yet Priced-In.
Furthermore, the recent decline in XRP Social Volume Suggests that the recent development is not yet fully priced-in. Social Volume measures the number of times a project is mentioned across relevant crypto media channels.
As shown below, XRP Social Volume has been in over the past week. Specifically, since XRP recorded 7,830 mentions on June 7, it has dropped by a massive 98% to 170 mentions at the close of June 12.
With XRP Social Volume still at a relatively low point, many stakeholders have yet to react to the recent market development.
As more details of the Hinman speech documents filter across mainstream media in the coming days, the current XRP price surge will likely go one leg higher.
XRP Price Prediction: $0.65 is a Viable Target.
If the bullish whale investors continue to buy, the XRP price could leap closer to $0.65 before retracting.
With prices currently approaching $0.56, the Market-Value to Realized-Value (MVRV) data. Crypto investors who bought XRP within the last 30 days are holding 10% profits.
Considering the historical trading patterns, they will likely hold out for 5% more gains before booking profits around $0.59.
But if the bulls can clear resistance, XRP price could edge closer to achieving the $0.65 price target.
Conversely, the bears could overturn the optimistic stance if the XRP price unexpectedly drops below $0.50. Nevertheless, many investors will likely offer bullish support to avoid their profits dropping below 5%. Otherwise, XRP could slip toward the next significant support level at $0.45.
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