Ripple whales are on the rise while XRP price action is suffering. Still, the question remains whether the whales are preparing for something big.,
The total crypto market cap is moving in the same range bound trajectory as most of the top cryptos fall below their key support levels. Ripple, despite the ever-increasing social volume, maintains a major decline in terms of XRP value.
At the time of writing, XRP price is trading at $0.4572, down 3.01% on the daily window and 6.35% on the weekly chart. From a technical perspective, XRP price is still struggling to cope with the major bearish blues.
Nevertheless, some interesting changes to its on-chain metrics have raised some hope for XRP holders.
Ripple Whale preparing for victory?
Ripple whales, XRP investors and traders, as well as XRP price, are at the mercy of the direction the Ripple vs. SEC case takes. As the two-year long legal battle continues, XRP price is facing a significant decline from its 2018 all-time high of $3.40.
The sluggish market momentum hasn’t stopped the Ripple whale from accumulating. Over the past few months, Ripple whales have accumulated nearly 300 million XRP.
Whales tend to accumulate during periods of low volatility when an asset is available at a discount and when they expect a significant increase in prices in the near future.
So, is the XRP whale preparing for a win in the Ripple vs SEC case, leading to a breakout above the key resistance levels? Or maybe even a run for your last ATH?
XRP Price Prediction: Signs of a Breakout
Looking at the XRP price daily chart, it appears that the trajectory of Ripple has formed a symmetrical triangle. Although this is a neutral pattern, a push in retail volume, as well as the RSI, could indicate an upward XRP price movement and a breakout from an ascending parallel channel.
In case of a bullish breakout, ripple price will face the next major resistances at $0.50 and $0.60.
Nevertheless, there is no significant increase in XRP daily active addresses. This behavior of the crypto market suggests a lack of participants amidst the confusion stemming from the test.
The network’s growth was also at a low level and noted a downtrend coinciding with the XRP price.
With the network developing and the DAA showing no signs of breakout, a rise in these indicators could bring some relief to XRP holders going forward. Furthermore, the current low trading volume may indicate that retailers are cautious about their moves in the market.
Higher network growth and DAA as well as a push from the retail side could favor a bullish XRP price breakout.
Nevertheless, a retest of the $0.44 low can be expected in case of a bearish return, given the macroeconomic conditions and the short-term trajectory of Ripple price.
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