After reviewing legal developments, Ripple whales bought 60 million XRP in May
In May, ripple whales with 1–10 million XRP kept collecting.
XRP holders absorbed SEC vs. Ripple events and await court verdicts.
On Thursday, XRP may challenge $0.51 barrier and reach $0.60.
Large wallet investors are buying Ripple (XRP) while XRP holders await a court verdict in the SEC case against the corporation. Whales' altcoin accumulation is good for XRPLedger's native token.
XRP price held above $0.51 on Thursday, likely to reach psychologically critical barrier around $0.60.
Daily Market Movers: May Ripple Whales acquire 60 million XRP
According to crypto intelligence tracker Santiment, Ripple whales with 1 million to 10 million XRP added 60 million tokens in May.
Whale buildup is usually positive for an asset, therefore XRP might rise due to market purchasing pressure.
Santiment data reveals XRP investors lost money last week.
XRP traders lost approximately $30 million between May 7 and 15, which may indicate surrender and lead to a price rebound. The Network Realized Profit/Loss measure shows the net profit/loss of all coins exchanged on-chain that day.
Both signs indicate XRP price rises.
After submitting papers, answers, and objections in the remedies-phase of the SEC vs. Ripple litigation, XRP investors await a verdict.
Technical analysis: XRP may face $0.60 resistance.
The 4-hour and 1-day XRP/USDT chart suggests cryptocurrency rebound. Ripple held over $0.51 on Thursday and may challenge psychologically crucial $0.60 barrier.
At $0.5310 and $0.5951, the 50% and 78.6% Fibonacci retracement levels of the slide from April 9's $0.6431 high to April 13's $0.4188 low, XRP confronts resistance
XRP gains are supported by MACD green bars above the neutral line. RSI, a momentum indicator, is 48.47, approaching 50, indicating a growing bullish-bearish equilibrium.
XRP might sweep liquidity below $0.4665, a weekly XRP/USDT chart support level, if it fails to breach resistance at $0.53.