Ripple (XRP) price has delivered a 10% growth in the last three weeks. On-chain data suggests that bullish action among crypto whales is one of the major factors behind the price pump. Will the bulls now push for the $0.5 XRP price forecast?

XRP has outperformed BTC and ETH in May 2023 so far. Crypto whales appear to be frontrunning a potential XRP price rally as the Ripple community grows increasingly confident of closing out the long-running SEC case in the coming weeks. 

Considering that social sentiment surrounding XRP is currently negative, what are the chances that the ongoing pump will evolve into a prolonged bull rally? 

Crypto Whales are Stacking up XRP

Crypto whales have doubled down on their bullish XRP positions this month. On-chain data shows that crypto whales holding 10 million to 1 billion XRP balances has been pivotal to the recent price pump.  

Between April 30 and May 26, they added 290 million XRP coins to their wallet balances.