As popular on-chain analyst Ali Martinez explained, altcoin whales have made a big move on XRP over the past week. Major investors are assessing price dips as the Ripple-SEC case moves towards final verdict.
Altcoin whales multiply XRP bets ahead of critical upcoming decision
XRP price witnessed a moderate correction last week after strong momentum. On-chain data shows whales are assessing bottom prices as the Ripple-SEC case moves towards summary judgment. According to crypto analyst Ali Martinez, Ripple whales are on the move again as the XRP price fell last week.
The data shows that the whales collected around 360 million XRP in just 7 days. This amounts to $170 million worth of XRP purchases in fiat terms. It should be noted that the XRP price is down around 12% at this time. Martinez interprets the emerging data as “Ripple buys whales from the bottom”.
XRP price started 2023 with an average of $0.3399. It has since climbed almost 40% to as high as $0.47. However, it surpassed the critical resistance at $0.50 in the week of June 15, when ETF news triggered the rise. The bulls took the opportunity to advance to $0.54 after this level.
This price action illustrates the positive sentiment that has emerged to support XRP amid the regulatory issues pushed by the SEC. XRP is currently trading in the $0.477 region, where it gained 2.5% on the day. It still has a market capitalization of more than $25 billion.
Latest situation in SEC and Ripple case
The litigation between the two, which has been pending since 2020, is approaching a much-anticipated summary judgment. Ripple and the defendants have gained the upper hand in the legal battle as the court has made several rulings in their favour. cryptocoin.com As we have reported, this development was the Hinman documents, which were presented to the public on June 13. The XRP price gained 5.50% on this date, independent of the market overall.
What’s next for XRP? What levels are altcoin whales targeting?
The recent whale buying of XRP shows renewed confidence in the cryptocurrency, potentially boosting the confidence of smaller investors. This increased support for XRP could create a price floor that limits potential downside moves and stabilizes the market.
XRP is currently facing significant support at the $0.43 level. The bulls need to maintain this level for weeks to stay strong. On the upside, it offers resistance around $0.483, while $0.55 represents a long-term resistance area.
While its recent performance is not inspiring, certain on-chain indicators point to a bullish trend for XRP. Notably, the number of active XRP addresses has increased significantly over the past few days. This is usually followed by strong rallies in terms of price.
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