Ripple (XRP) price has registered a 10% increase in the last three weeks. On-chain data shows that bullish action among crypto whales is one of the key factors in the price pump. Will the Bulls Now Push the $0.5 XRP Price Prediction?
XRP has outperformed BTC and ETH so far in May 2023. Crypto whales are appearing in the face of a possible XRP price rally as the Ripple community is growing confident of the closure of the long-running SEC case in the coming weeks.
Given that the social sentiment surrounding XRP is currently negative, what are the chances that the ongoing pump will develop into a prolonged bull rally?
Crypto Whales Are Hoarding XRP
Crypto whales have doubled down on their bullish XRP positions this month. On-chain data shows that crypto whales holding 10 million to 1 billion XRP balances have been key to the recent price pump.
Between April 30 and May 26, he added 290 million XRP coins to his wallet balance.
At the current market price of $0.47, the latest investment made by whales this month is valued at approximately $136 million.
Notably, the Whale Cohort holds a significant portion of the total XRP circulating supply. With their influence, they can easily inspire other retail investors to become bullish themselves.
If they continue to buy in the coming weeks, it is only a matter of time before the $0.60 XRP price forecast is validated.
Potential Victory Over The SEC Hasn’t Yet Been Priced In
The general sentiment within the XRP community is currently trending negatively. This suggests that the price of a potential victory in the Ripple vs SEC case has not yet been decided.
After reaching the neutral zone on May 19, XRP weighted rate It has recently dropped deep into negative territory towards -0.8 as of May 26.
Sentiment’s weighted sentiment metric compares the ratio of positive mentions of an asset to negatives. When it moves down into negative territory during a price increase, it indicates that the asset is still flying under the radar of many investors.
Presumably, other stakeholders will cheer when the SEC ruling hits home. As the final decision of the court is nearing, this could lead to further gains in XRP price.
XRP Price Prediction: $0.60 Is A Viable Target
Despite a recent 10% pump in Sentiment’s market-value to realized-value (MVRV) data, most crypto investors who bought XRP within the past month are only making profits of 2%.
Historical trading patterns show that they will likely hold out for 7% gains. This means that XRP could reach $.05 before facing significant resistance.
And if XRP can overcome that $0.5 resistance level, the bulls could gain enough momentum to push it to $0.60
Conversely, if XRP price breaks below $0.45, the bears can still negate the bullish narrative. Nevertheless, investors may offer bullish support at this level as they seek to avoid slipping into a net-loss position.
Otherwise, XRP could slide much lower towards the next important support at $0.40.
disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your research and seek professional advice before making any financial decisions.