Whale wallets have increased their XRP holdings by 190 million tokens, raising their total from 6.08 billion to 6.27 billion, despite bearish technical indicators on the charts. XRP is currently trading near $2.18, with key resistance at $2.20 and short-term support at $2.06. The market is closely watching the June 16 deadline when the SEC's 60-day appeal response window for Ripple's legal case ends.
Technical analysis highlights a death cross pattern formed on May 30, signaling potential downside pressure as the 50-day simple moving average crossed below the 200-day. The last occurrence of this pattern in late March led to a sharp price drop of 23% within a week. Additionally, an inverted cup and handle pattern is developing, often associated with bearish setups. If XRP dips below $2.06, targets include $1.71 and $1.68.
However, momentum indicators like MACD show early signs of convergence that could foreshadow a reversal if confirmed. The accumulation by large holders suggests investor confidence potentially tied to anticipated positive outcomes in the Ripple vs. SEC legal proceedings. Lawyers involved see the June 16 timeframe as a possible resolution period, maybe even signaling a settlement.
Market data shows a significant 49.55% decline in XRP trading volume over recent days, which suggests the recent modest price rebound from $2.15 to $2.17 might be speculative rather than driven by fundamental demand. XRP must break resistance near $2.40-$2.50 to invalidate the bearish death cross and confirm a sustainable recovery.
Community sentiment remains bullish, with some veteran XRP holders forecasting a possible rally in the coming weeks if price stabilizes above $2.50. Overall, $2.20 is a crucial level to watch for potential market direction.