The XRP market has been in a falling trend since the beginning of June. Trading around 47 cents on Thursday, experts argue that the daily price action is forming a bullish pennant flag in preparation for a breakout.
Moreover, the SEC vs Ripple case ruling is expected to be issued anytime, according to timelines predicted by CEO Brad Garlinghouse. A win on Ripple, which entails XRP is not a security, could result in a bullish outburst towards ATH and vice versa if the SEC wins.
Santiment Shows XRP Whales Are Accumulating More
According to on-chain data analytics platform Santiment, XRP whale accounts holding between 10m and 100m units have exponentially increased their accumulation YTD.
However, the accumulation rate recently spiked to ATH when the XRP price recently dipped about 12 percent to trade around 47 cents. Specifically, between June 22 and 28, XRP whales purchased about 360 million coins worth approximately $170 million.
What Do the Whales Know?
In the past few days, rumors circulated on 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 lawyer John Deaton.
Notably, the increased whale XRP accumulation could be another speculation of a Ripple win against the SEC in the ongoing lawsuit. Moreover, some lawyers argue only a small section of XRP transactions could be regarded as securities, which involved the ODL sales by Ripple. Otherwise, XRP is traded in many other jurisdictions around the world as a commodity.
