Ripple (XRP) witnessed a drop in its price below $0.50 earlier this week. However, it has since decoupled from the industry-wide bearish sentiment as it approached $0.54 by Friday morning. Whale investors appear to be behind the ongoing XRP price rally. The question is: do they have enough in the tank to push for $0.60?
The industry noticed when the SEC excluded Ripple (XRP) from its recent list of tokens identified as ‘securities’. As a result, XRP holders are increasingly bullish in anticipation of a positive outcome in Ripple’s SEC lawsuit in the coming weeks.
With confidence growing, especially among whale investors, will the XRP rally reach $0.60 in the coming weeks?
Transaction Volumes Continue to Soar
XRP price action this week has decoupled from negative sentiment surrounding the broader crypto industry. While most altcoins lost traction, transaction volumes on the XRP ledger network have continued to soar.
The Santiment chart below illustrates that XRP Transaction Volumes have soared 150% between June 3 and June 9.
The Transaction Volume (USD) metric evaluates the overall economic activity on a blockchain network by summing up the dollar value of daily confirmed transactions. When it increases during an industry-wide contraction, it signals that XRP is gaining market share from other altcoins. If network demand continues to grow, XRP could make significant price gains in the coming days.
Whale Investors are Leading the Rally
Large institutional investors appear to be at the forefront of the ongoing XRP price rally. As total XRP network transaction volume rose, the Whale activity increased simultaneously.
Whale transactions are up by 8,000% this week, rising from 7 large transactions on June 3 to 557 on June 8.
Whale Transaction Count measures the number of daily confirmed transactions that exceed $100,000 in value. When whale transaction increases, it provides market liquidity and puts upward pressure on price. Given crypto whales’ influence, other strategic investors could try to mirror their bullish trades, thereby, pushing the XRP price rally toward $0.60 in days to come.
XRP Price Prediction: Road to $0.60
XRP made several unsuccessful attempts to break above $0.55. But this time, the bullish whales look set to drive the ongoing XRP price rally to a new 2023 peak above $0.60.
According to Santiment’s Market-Value to Realized-Value (MVRV) data, investors that bought XRP within the past month are looking at 7% unrealized profits. Historical trading patterns suggest they are likely to hold out for 6% more gains before they start to sell around $0.57. And If XRP can break beyond $0.57, the bulls could push the rally well above the $0.60 milestone.
Conversely, prices could drop below $0.50 again, flipping the narrative in favor of the bears. However, numerous XRP investors may offer bullish support at this level as they aim to hold firm at the break-even point. Otherwise, XRP could drop lower to the next significant support level at $0.45.
It is important to note that the Ripple (XRP) legal team is expecting a final judgment in its own
