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It's Big & Big #Alert!! About $XRP !!!
Ripple whales accumulate XRP while awaiting developments in SEC lawsuit
Ripple (XRP) is being accumulated by large wallet investors as XRP holders await a court ruling in the Securities and Exchange Commission’s (SEC) lawsuit against the firm. The altcoin’s accumulation by whales is a positive sign for XRPLedger’s native token.
XRP price sustained above $0.51 on Thursday, likely to extend gains to the psychologically important resistance level of $0.60.
Daily Digest Market Movers: Ripple Whales buy 60 million XRP in May
Ripple whales holding between 1 million and 10 million XRP have added 60 million tokens to their holdings in May, as seen on crypto intelligence tracker Santiment.
Typically, whale accumulation is considered bullish for an asset, XRP price could rally in response to the rising buying pressure from market participants.
Technical analysis: XRP could test resistance at $0.60
On the 4-hour and 1-day timeframes, the XRP/USDT chart shows signs of recovery in the altcoin. Ripple has sustained above $0.51 on Thursday and is likely to test resistance at the psychologically important $0.60 level.
XRP faces resistance at $0.5310 and $0.5951, the 50% and 78.6% Fibonacci retracement levels of the decline from the April 9 top of $0.6431 to the April 13 bottom of $0.4188.
The green bars above the neutral line on the Moving Average Convergence Divergence (MACD) indicator support XRP gains. RSI, a momentum indicator, reads 48.47, inching closer to the neutral zone at 50, signaling an increasing balance between bullish and bearish positions.
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