Bitrabo Editorial
Ripple (XRP) has managed to consolidate around the $0.52 mark despite the increased volatility in the altcoin markets. With investors flocking to the XRP ledger network, there is potential for continued gains in the XRP price.
Last week, major trading platforms delisted a number of tokens identified as securities by the Securities and Exchange Commission (SEC) leading to a significant drop in the altcoin markets. However, Ripple’s exclusion from the court filings by the SEC means that the ongoing lawsuit is expected to be resolved positively for the company. This could lead to investors reallocating their capital to XRP, resulting in a possible increase in the price above $0.60.
Altcoin Investors are Switching to XRP
XRP, ETH, and BTC were excluded from the recent court filings by the SEC, which has resulted in concerned altcoin investors turning to the XRP ledger network. The XRPL Network Growth has increased considerably since the start of June, with a surge of 70% from 1,435 to 2,443 new wallet addresses created between June 2 and June 12.
The increase in new users joining the XRPL network creates new demand for the services built on the blockchain, ultimately putting upward pressure on the price of the native coin. Previous XRP price cycles have often been moved in line with Network Growth, hinting at the potential for more price upswing in the coming weeks if investors continue to join XRPL from other embattled altcoin networks.
Bullish Whales Have Seized Control
On-chain data reveals that a recent regulator crackdown has effectively split whale investors on the XRPL network into two camps. Since May 31, the bullish whales have invested $36.4 million and bought 70 million coins. In contrast, the bearish whales sold off 10 million XRP coins between June 6 and June 12. With the bullish whales in control by such a large margin, retail investors and institutional holders could be swayed to become bullish themselves.
XRP Price Prediction: Final Push Toward $0.60?
Due to the bullish whale investors doubling down on their long positions, XRP price could leap closer to $0.60 before retracting. However, at the current market price of $0.52, most crypto investors buying XRP within the last 30 days are holding 2% profits. They are likely to hold out for 5% gains more before booking some profits around $0.55. If the bulls can push past that resistance, the XRP price could edge closer to achieving the $0.60 price target.
XRP could slip further if the price unexpectedly drops below $0.50, but many investors may offer bullish support to avoid net-loss positions. Otherwise, the next significant support level is at $0.45.
Disclaimer
This price analysis article is for informational purposes only and should not be considered financial or investment advice. Market conditions are subject to change without notice, conduct your own research and consult with a professional before making any financial decisions.