As Ripple’s legal battle with the SEC heats up, the XRP token continues to climb. But, it’s not just the lawsuit that’s driving the increase. A new proposal called Hooks, which will add smart contract functionality to the XRP Ledger (XRPL), has caught the attention of crypto whales. The announcement has led to a number of crypto whales stocking up on the token, with over 146 million XRP (worth around $77 million) added to whale addresses in the last 24 hours.
The Hooks proposal will introduce smart contract-like functionality to the XRPL, which will allow for custom code to be deployed and influence the behavior and flow of transactions. This could pave the way for new use cases and increased demand for XRP.
XRP Price Rally and Retracement
XRP’s price has been on a rollercoaster ride in recent weeks. Between March 17 and 29, the token rallied by 61%, hitting a high of $0.585. However, it has since retraced a bit, with the current price hovering around $0.52.
The area between $0.475 and $0.436 is a promising accumulating zone that investors should monitor closely. There is an opportunity here for new buyers who have been waiting on the sidelines.
Observing the price action, a decisive breach of the range high at $0.537 could potentially serve as a pivotal indication for the start of the next bull run. Should XRP successfully breach this resistance level, the subsequent bullish targets would be the 62% and 70.5% retracement thresholds situated at $0.704 and $0.754 correspondingly.
Overall, XRP has recently consolidated in a tight range after experiencing an explosive rally. However, this retracement presents an opportunity for hodlers to accumulate before the bulls make a full comeback and trigger another massive rally.
