The US financial regulator’s legal battle with Ripple drags on as CEO Brad Garlinghouse addresses the XRP community. The altcoin started its recovery, yielding 2% gains for holders since April 22.

XRP whales continued accumulating the altcoin according to data from crypto intelligence tracker Santiment. Large wallet investors holding between 100,000,000 to 1 billion XRP tokens scooped up 610 million XRP tokens worth approximately $287 million. After Ripple price was rejected at the $0.48 level, bears took charge, sending the remittance token down almost 5%. If selling pressure continues, XRP could drop toward the $0.43 support level or, in the highly bearish case, tag the $0.39 support level.

Between April 21 and May 5, whales scooped up the XRP tokens, increasing their wallet holdings of the altcoin. Typically, whale accumulation is considered a bullish sign for the altcoin’s price.

Experts are awaiting XRP’s recovery to the $0.50 level, a key resistance for the altcoin that it failed to hit since April 14.

On the other hand, a bullish takeover could see Ripple price ascend toward the immediate hurdle at $0.48 or, in the ambitious case, extend a neck up toward the $0.52 resistance level.

In highly bullish cases, Ripple price could tag the $0.55 resistance level, denoting a 20% upswing. The gap between the liquidation zones has formed a wide rage of orderblock which can compel XRP/USD to fill in the orders within that range before providing traders with a precise trending direction. For now we can expect to stay positive with bullish side above the OB displayed on our chart and take safer buying positions. However, an impulsive breakout or movement - breaching the OB to the downside will be taken as bearish sentiments taking over the wheels and traders should wait for further confirmation before placing their positions. 

XRP can provide bullish sentiments above the OB

May 08 2023