The XRP market has been in a downward trend since the beginning of June. Trading near 47 cents on Thursday, experts argue that the daily price action is forming a bullish pennant in preparation for a breakout.
In addition, the ruling in the SEC vs Ripple case is expected to be made at any time, according to timelines predicted by CEO Brad Garlinghouse. A victory over Ripple, meaning XRP is not a security, could result in a bullish breakout towards ATH and vice versa if the SEC wins.
Santiment shows that XRP whales are accumulating more
According to on-chain data analytics platform Santiment, XRP whale accounts with between 10 million and 100 million units have exponentially increased their accumulation YTD.
However, the accumulation rate recently spiked to ATH as the XRP price recently dropped about 12 percent to trade around 47 cents. Specifically, between June 22 and June 28, XRP whales bought about 360 million coins worth about $170 million.
What do the whales know?
In recent days, rumors have been circulating the internet that Ripple Labs is about to buy back 10 billion XRP coins. While there was no official communication, the rumors caught the attention of top XRP supporters, including attorney John Deaton.
In particular, the increased accumulation of whale XRP could be another speculation of a Ripple win against the SEC in the pending lawsuit. In addition, some lawyers argue that only a small portion of XRP transactions can be considered securities, which involved Ripple’s ODL sales. Otherwise, XRP is traded as a commodity in many other jurisdictions around the world.
