XRP Whales Likely Accumulating Above $0.50, Will a Spot Ripple ETF Materialize?

XRP is still moving sideways, looking at the performance in the daily chart. Of importance, the coin is printing a series of higher highs, even with losses of May 30. In the short-term, buyers have a chance, but it might require extra effort to neutralize stubborn bears of mid-April 2024. Even so, bulls, looking at how price action has been printing out, are hopeful, expecting more gains in the weeks ahead.

When writing, XRP is mostly stable in the past day and week. Even with optimism high, the failure of a solid close in either direction is a concern—for impatient bulls. Since prices are tight, within a narrow range, whales may be accumulating. This week, the average trading volume has been within yesterday’s average of over $1.1 billion.

Active traders should closely monitor the following XRP and Ripple news events:

• Analysts argue that the ongoing court case pitting Ripple and the United States SEC is weighing negatively on prices. However, with the United States warming to crypto, the expected favorable ruling will likely pump XRP to fresh 2024 highs.
• This month, the United States SEC set the stage for the eventual approval of spot Ethereum ETFs. Now, Brad Garlinghouse, the CEO of Ripple, expects similar products not only for XRP but also for Solana and Cardano.

XRP Price Analysis

XRP/USD is moving inside an ascending triangle, looking at the candlestick arrangement in the daily chart.

For now, traders can wait on the sidelines until there is trend definition.

XRP is likely accumulating (or distributing) depending on the eventual breakout.

Since the coin is technically within a bear breakout formation, it will be a relief for bulls should Ripple break $0.55, unwinding losses.

However, if the coin drops below the lower limit of the immediate support zone at $0.46, there could be more losses in play.