XRP Price Forecast – Key Support Levels and Whale Accumulation Indicate 50% Rally

18 June 2024

in XRP

Reading Time: 1 mins read

XRP supply distribution among its top two whale cohorts. Source: Santiment

This shift suggests that mid-sized XRP investors either sold their holdings to those in the 1 billion-plus XRP cohort or have accumulated XRP to join this larger balance group. Either way, it shows that the richest XRP whales have accumulated tokens during 2024’s price dip, indicating they are long-term bullish on the Ripple crypto market.

Why Are XRP Whales Accumulating, Though?

Two key reasons explain why XRP whales have increased their holdings since March.

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First, it is the anticipation that Ripple’s ongoing legal lawsuit against the U.S. Securities and Exchange Commission will conclude in the coming months, as FXEmpire covered here. The aftermath of the potential SEC vs. Ripple lawsuit settlement could be the SEC’s clearance to a spot XRP exchange-traded fund (ETF) in the U.S., according to Ripple CEO Brad Garlinghouse.

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Second, XRP has reached its most oversold levels against Bitcoin (BTC) on weekly timeframes, indicating that the market anticipates capital rotation from BTC to XRP markets in the coming weeks or months.

For instance, XRP/BTC’s weekly relative strength index (RSI) is treading below 30, an oversold area that could trigger a rebound period next. That is akin to what happened in the April-September 2019 session, which led to a 50%-plus XRP price rebound, as shown below.

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