Multiple Crypto Whales Bet Big! 60 Million Tokens Purchased Before Court Ruling, Market Expert Says "This Token" Has Huge Bullish Potential

On Thursday, May 16th, Ripple's XRP surged to $0.5192 as cryptocurrency whales increased their holdings by 60 million XRP tokens in May. Holders are closely monitoring the progress of the lawsuit between the SEC and Ripple, awaiting the court's final decision. Market outlook suggests XRP could extend its gains to $0.60, having tested resistance at $0.51 on Thursday.

According to FXStreet analyst Ekta Mourya, large wallet investors are accumulating XRP as holders await the court's decision in the SEC lawsuit against the company. The accumulation of altcoins by whales is seen as a positive signal for XRP.

Data from crypto intelligence tracker Santiment shows that whales holding between 1 million and 10 million XRP increased their holdings by 60 million XRP in May.

Generally, whale accumulation is considered beneficial for an asset, and XRP's price could rise due to increasing buying pressure from market participants.

Santiment data indicates that XRP holders have recently realized losses over the past week.

XRP traders lost nearly $30 million between May 7th and 15th, which can be seen as a sign of capitulation and a precursor to a price rebound for the altcoin. The realized profit/loss metric helps determine the net profit/loss of all tokens moved on-chain on specific dates.

Both of these indicators suggest an XRP price increase, with holders awaiting the court's decision in the SEC vs. Ripple lawsuit after both sides completed their arguments, replies, and objections during the remediation phase.

Despite XRP's recent underperformance, many top crypto industry analysts remain optimistic about its future potential. In a recent tweet, Evai CEO Matthew Dixon commented on XRP's price trajectory, stating, "XRP has lagged recently, but like many other tokens, a weak US Consumer Price Index (CPI) will awaken the sleeping giant and push XRP higher."

Indeed, the US April CPI showed weak inflation, spurring a rise in the Bitcoin and cryptocurrency markets.