XRP's price movements have been a topic of interest this week, with the token experiencing a surge in trading volume and whale activity. Despite being 84% below its all-time high, XRP's market cap has reached over $29 billion, indicating a potential uptrend.

Regulatory Developments

The recent relisting of XRP on Coinbase for New York customers has brought renewed optimism. This move follows a suspension due to regulatory issues with the U.S. Securities and Exchange Commission (SEC). Ripple's legal team has also submitted a notice of supplemental authority, alleging the "unreasonableness" of the SEC's civil penalty. This move is seen as a significant step in the ongoing battle between Ripple and the SEC.

Market Trends

XRP's price has been oscillating between $0.47 and $0.50, indicating buying near the support level and selling close to the resistance. The current price dynamics suggest higher reversal potential around the $0.47 mark. If the price turns down from the current level or the 20-day EMA ($0.50), it may drop below $0.46.

Whale Activity

Whales holding between 10 and 100 million XRP have shown significant trading activity, suggesting active redistribution of assets. Those holding over one billion XRP have increased their holdings since mid-April, indicating deliberate accumulation.

Market Turmoil

The past week saw significant liquidations as the Bitcoin price fell below $66,000, resulting in nearly $180 million in liquidated leveraged derivatives positions across all crypto assets. This shakeout led to over $870 million in total liquidations, effectively flushing excess leverage from the market.

Correlation with Bitcoin

XRP/BTC has a correlation value of 0.72, which is considered high for altcoins. This means a BTC price correction will likely impact XRP price movement this week. If the BTC price rebounds, it could mean a potential buy signal for XRP.

Conclusion

Despite ongoing market turmoil and significant liquidations, XRP shows the potential for a recovery, supported by recent legal filings and strategic market movements. The recent increase in trading volume and whale activity, as well as the latest updates on EVM sidechain, hint at a potential uptrend.