Will XRP Price See Extended 1x Rally With Massive Whale Accumulation

Despite the bearish trend, few altcoins are staging a few significant rallies this week. XRP has mounted a fresh rally as it has broken above the moving average lines, signaling an uptrend. Bulls have re-established bullish momentum in the cryptocurrency after breaking through the overhead resistance at $0.41. Due to early resistance at $0.

Timeline of Xrp

The currency of the blockchain-powered online payment platform, XRP, has gained almost 60% in the past week. After briefly dipping to $0.34 five days ago, the token climbed back and traded around $0.52 this morning.

In another twist of the legal tussle between the U.S. Securities and Exchange Commission (SEC) and Ripple, the U.S. blockchain company has filed a motion objecting to the SEC's suggestion that it will need more time or pages to respond to briefs submitted by amici curiae.

The US SEC vs Ripple lawsuit is leading toward the much required clarity and solution of the long running case. However, the experts have hinted that the commission has given up trying to prove that XRP is a security in its latest filed motions.

The Ripple price analysis reveals the price has been trading low for the past few hours as the bears have been trying to remain in the lead. However, the bulls have not given up as they have been slowly pushing prices higher.

XRP, Ripple's native token has emerged as the biggest gainer over the past week. The recent spike in XRP price has come when the other major cryptos like Bitcoin and Ethereum prices have dropped significantly.

On Friday (September 23), a very popular crypto analyst explained why $XRP has performed so well in the past week or so. As you can see from data by TradingView, on crypto exchange Bitstamp, XRP-USD has gone from around $0.3238 on September 16 to around $0.4930 where it is today (as of 8:00 a.m.

Earlier this week, at a event organised by Politico, Stuart Aldertoy, who is General Counsel at Ripple, talked about the detrimental effects of “regulatory hostility” toward crypto in the U.S.

Ripple (XRP) price has registered an impressive 33% advance above the key resistance zone as seen in the past week.         XRP notably spikes by 10% on September 22         Ripple confident to win legal feud against SEC The token also skyrocketed 10% as seen on September 22, as the crypto market plunged in a sea of red.

Cryptocurrency analytics firm Santiment has revealed that traders are highly bullish on the $XRP token right now, even at a time in which the cryptocurrency has been outperforming the wider cryptocurrency market.

Whales on the $XRP network have been accumulating the cryptocurrency even at a time in which the cryptocurrency's price keeps on surging ahead of a potential ruling on the U.S. Securities and Exchange Commission's lawsuit against Ripple and two of its executives.