After a week of inconsistent price behavior, XRP price is finally poised to close the week positively. At the time of writing, XRP is striving to recover from its more than 4% loss this week, trading at $0.5104, up 1.49% in the last 24 hours.
XRP/USD 4-hour chart | Source: TradingView
While this gain looks abrupt, there is growing unanimity in the XRP community, which is positioned as the digital currency for a sustained bull run. While this optimistic feeling is inherent in the market, XRP trading volume, down by 5%, must be revived to offer a cushion against any selling trade-off from a whale.
According to the digital currency prognosis, XRP remains one of the top earners among the top ten cryptocurrencies by market capitalization. The token has gained more than 47% in value year to date, with the coin showing a lot of clear signals of extending this climb.
Several community members believe the coin has created reliable support at the $0.5 level, with all eyes on it retesting the $0.6 resistance level.
According to Santiment, the YTD gains in XRP price correspond with an increase in whale accumulation. For example, despite allegations of certain whales selling XRP for $35 million, the supply of XRP held by most whale address cohorts — whether 1,000-10,000 XRP or 100 million-1 billion XRP — has increased with its 40% gains in 2023.
XRP supply distribution among whales | Source: Santiment
Based on the ongoing lawsuit between its related payment firm, Ripple Labs Inc, and the US Securities and Exchange Commission (SEC), XRP is one of the digital currencies most vulnerable to a bearish decline.
While XRP has been on an upward climb, any negative news that follows the much-anticipated summary ruling would undoubtedly upset the positive picture it has developed thus far. Despite many industry observers and experts had expected a win for Ripple, the uncertainty surrounding the lawsuit may cause the coin’s price to fluctuate in the coming days.
Read more:
- Here’re The Reasons Why EC V. Ripple Case May End By May 6
- Does The XRP Price Have Enough Power To Keep Growing?