2023-5-28 19:17 |
Despite a sluggish start to the week, XRP, the native cryptocurrency of the Ripple network, showed signs of recovery towards the weekend, suggesting potential resilience and strength as the year unfolds.
Unlike Bitcoin, Ethereum and most cryptocurrencies, XRP has remained relatively strong this month, with price gaining roughly 13% in the past two weeks. This strength has been pointed towards Ripple’s improving fundamentals fueling XRP’s accumulation.
On Saturday, May 27, crypto analyst Ali Martinez highlighted XRP, noting that crypto whales continue to accumulate the crypto asset. According to Martinez, whales have acquired over 52 million XRP in the past three weeks, totalling approximately $22.9 million.
“Whales appear bullish on Ripple! They’ve purchased over 52 million XRP in the past 3 weeks, worth around $22.9 million,” tweeted Martinez.
The recent whale activity coincides with the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). As ZyCrypto has previously reported, the resolution of this high-profile case is eagerly anticipated by the XRP Army and the wider crypto community, especially after the recent ruling by Judge Analisa Torres to unseal the controversial Hinman documents.
Pro-Ripple lawyer Jeremy Hogan recently shared his prediction on the Ripple vs SEC case timeline. Responding to Ripple CEO Brad Garlinghouse’s recent mention that the case would be resolved ‘in weeks’, Hogan suggested that the final resolution would likely occur by July 2023.
“The Judge in the Ripple case has been making major rulings about every 9 weeks (Sept. 29, Dec.19, March 6, May 16). And the only major ruling left is on Summary Judgment. That comes out to mid-July. NOT a prediction. JUST a pattern,” said Hogan.
In addition to the legal battle, Ripple has been actively acquiring companies globally, significantly boosting XRP’s liquidity. A notable acquisition has been Metaco, a Swiss crypto custody provider, in a bid to grow its global footprint. Recently, Ripple also purchased Pantera Capital’s stake in the centralized exchange Bitstamp, resulting in the blockchain firm obtaining a controlling stake. Last week, Ripple’s CEO, Brad Garlinghouse, revealed that the company has over $1 billion reserved for global acquisitions as part of its ambitious business development plan.
That said, amid these positive developments, analysts predict the cryptocurrency will likely continue exhibiting strength for the next few weeks. On Saturday, crypto analyst “Dark Defender” predicted a surge for XRP to $0.50 in the next few days after the price surpassed the $0.4696 resistance level. And while reaching $0.50 may trigger a sell-off, the analyst-maintained confidence in XRP’s potential to exceed this level and reach $1.3 by August.
At press time, XRP trading is trading at $0.47, up roughly 2% in the past 48 hours.
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