Despite a sluggish start to the week, XRP, the native cryptocurrency of the Ripple network, showed signs of recovery over the weekend, suggesting potential resilience and strength as the year progresses.
Unlike bitcoin, ethereum, and most cryptocurrencies, XRP has remained relatively strong this month, with a price increase of nearly 13% over the past two weeks. This strength is pointed towards improving Ripple fundamentals which is fueling the accumulation of XRP.
On Saturday, May 27, crypto analyst Ali Martinez highlighted XRP, noting that crypto whales continue to accumulate crypto assets. According to Martinez, whales have acquired more than 52 million XRP, which amounts to approximately $22.9 million, in the past three weeks.
“Whales appear bullish on Ripple! They have bought over 52 million XRP in the past three weeks, worth approximately $22.9 million. Martinez tweeted.
The recent whale activity coincides with an ongoing legal battle between Ripple and the US Securities and Exchange Commission (SEC). As ZyCrypto previously reported, a resolution to this high-profile case has been eagerly awaited by the XRP army and the wider crypto community, especially after Judge Analisa Torres’ recent decision to quash the controversial Hinman documents.
Pro-Ripple lawyer Jeremy Hogan recently shared his prediction on the Ripple vs SEC case timeline. Responding to Ripple CEO Brad Garlinghouse’s recent mention that the matter would be resolved ‘in weeks’, Hogan suggested that a final resolution is likely by July 2023.
“The judge in the Ripple case is making major decisions about every 9 weeks (September 29th, December 19th, March 6th, May 16th). And the only major decision left is on summary judgment. That comes mid-July. Not predicted just a pattern, Said Hogan.
In addition to legal battles, Ripple has been actively acquiring companies globally, which has significantly increased the liquidity of XRP. In a bid to grow its global footprint, Swiss crypto custody provider Metaco has made a notable acquisition. Recently, Ripple also bought Pantera Capital’s stake in centralized exchange Bitstamp, resulting in a controlling stake for the blockchain firm. Last week, Brad Garlinghouse, Ripple’s CEO, revealed that the company has more than $1 billion reserved for global acquisitions as part of its ambitious business growth plan.
That said, amid these positive developments, analysts predict the cryptocurrency will continue to show strength over the next few weeks. On Saturday, cryptocurrency analyst “Dark Defender” predicted a rise in XRP to $0.50 in the coming days after it broke above the $0.4696 resistance. And while reaching $0.50 could trigger a sell-off, the analyst maintained confidence in XRP’s ability to surpass this level and reach $1.3 by August.
At press time, XRP is trading at $0.47, up nearly 2% over the past 48 hours.