Whales Accumulate 52M XRP; Should You be Bullish on XRP Price?

XRP price has been closely monitored ever since the final ruling in the Ripple vs SEC case circulated within the markets. Jeremy Hogan, an attorney who is closely monitoring the case, recently shared his observations, which suggested the lawsuit may end in July 2023. He highlighted the fact that the judge has been making major rulings about every 9 weeks. As it produced rulings on September 29, December 19, March 6, and May 16, the next ruling could be another nine weeks away, that is, in July. 

Besides, the whales have begun their preparation for the bull rally as they constantly accumulate more than 52 million XRP worth more than $22.9 million in May.

The number of addresses holding more than 10 million addresses have soared from 300 to 313 in May with the value jumping from $77.93 billion to $78.13 billion. A massive jump in the whale accumulation in May has been flashing huge bullish signals for the XRP price which may propel high following a major event. As of now, the outcome of the Ripple vs SEC lawsuit is the only event that may trigger the XRP price. 

Alongside, the market participants have also begun to accumulate XRP as the daily active address of XRP suddenly witnessed a major spike in the past few hours. 

After a major drop from 883.8K in March, the active address count remained largely consolidated below 30,000 until the last trading day. However, the count has surged massively around 525.7K and is still counting. The massive surge in active addresses indicates the huge involvement of the XRP bulls and its army who may propel the price beyond the crucial resistance. 

Presently, XRP price is hovering just below $0.5 at around $0.48 with a jump of 2.16% in the past 24 hours. The price trading within a decisive symmetrical triangle and heading towards the upper resistance. As the buying volume has been accumulating finely a wider push towards the upper resistance and invite the bulls to assist the price for a bullish breakout. Once the price secures levels above $0.55, another bullish wave may push the prices above $0.6 levels in the next few months.