Whales Anticipating Further Fall in XRP Price
Traders and whales are currently holding XRP price in a range bound above the $0.50 support level. However, there is speculation among traders and whales that XRP price will continue to fall. This speculation is based on weak chart patterns at various timeframes and low levels of derivatives trading.
Whales Trading Massive Amounts of XRP
Recent reports have indicated that whales are trading large amounts of XRP, causing the price to hit the support level again. One whale transferred 28.40 million XRP worth nearly $15 million to crypto exchange Bitstamp. Another whale, who previously moved 425 million XRP, has now moved them to another wallet. These moves by whales indicate a potential further decline in XRP price.
Bullish Momentum Wanes in Ripple vs SEC Lawsuit
The bullish momentum that was seen in the Ripple vs SEC lawsuit has started to wane as the court prepares for the next trial in the second quarter of 2024. Both the defendants and the plaintiff have informed the judge about their availability in the second quarter. This indicates a potential slowdown in the progress of the lawsuit.
Weak Chart Patterns in All Timeframes
An analysis by CoinGape Markets suggests that XRP price could fall to $0.42. Chart patterns in all timeframes indicate a bearish trend, with the price currently below the 20-MA, 50-MA, and 100-MA. The RSI is also moving closer to the oversold region. These indicators suggest that XRP price will continue to decline if whales continue to sell.
Buy-the-Dip Opportunity
Despite the potential for a further fall in XRP price, analysts see this as a buy-the-dip opportunity. They believe that the current decline in price presents a chance for long positions. Traders and investors may consider taking advantage of the dip in XRP price to enter the market.
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