XRP has dominated cryptocurrency news within the past few weeks as the Ripple case with the SEC (Securities & Exchange Commission) heats up. The amplified focus has led to increased movements within the marketplace, and crypto whales are hunting opportunities that could come with this.
Whales into XRP
The crypto market’s upside moves saw XRP’s trading volume spiking during Tuesday’s session. Naturally, that welcomed surges in the token’s price. Nevertheless, the day’s most important event was Binance Smart Chain whales showcased an interest in the remittance coin.
WhaleStats, a whale-tracking platform, indicated that XRP became the most traded altcoin among the leading 100 BSC whales that day. That means it outshined AAVE, which previously controlled the focus of these dip-pocketed investors.
Now, the surged interest from the whales is yet to die since While XRP isn’t the most traded coin at the moment, it remains a top ten token in that list. In addition, it ranks 4th most bought coin by the leading BSC whales. Further, the Ripple smart contract is among the top ten most utilized smart contracts by the top 100 Binance Smart Chain whales.
Leading Crypto Market’s Upside Wave
The market still exhibits residual gains from Monday’s price uptick, and XRP is among the coins soaking the gains up. XRP was among the leading gainers in the past 24 hours, ranking 3rd on Coinmarketcap’s gainers with its 4.34% surge within the past day.
The price increase has pushed XRP beyond its 20day Moving Average. Such a break suggests a near-term bullish trend for XRP in the coming week. However, for now, bulls should target breakouts past the $0.037 resistance, as that will push the coin past its 50day Moving Average ($0.379). Attaining that will open the doors for upsides beyond the $0.4 territory.
The next Ripple vs. SEC hearing on 19 January remains an event that would likely bring volatility for XRP’s price. However, in the context of the lawsuit’s final verdict, lawyer Stuart Alderoty and Ripple Chief Executive Officer Brad Garlinghouse expect a ruling from Judge Analisa Torres in Q2 2023.