Whales and traders are dumping XRP as price falls near support level
Recently, there has been a significant sell-off of XRP holdings by whales and traders after Judge Torres ruled that XRP is not a security in the US SEC v. Ripple Labs lawsuit. As a result, another whale has transferred 29 million XRP worth over $15 million to a crypto exchange. This comes as the price of XRP is nearing a support level.
Main breakdown:
- A whale moved 29,300,000 XRP valued at $15.13 million to Bitstamp
- Whale potentially dumping its XRP holdings
- Judge Torres’ ruling caused a major sell-off
- XRP price currently rebounding from $0.5 support level
- Ripple vs SEC trial expected to happen in April-end or mid-May
XRP price risks nosedive to $0.42
An analysis by CoinGape Markets reveals that XRP had a bearish candle wick that stretched to $0.42 last week. It is uncertain whether XRP will rebound from the ascending trendline towards $1, or if it will further decline to $0.42 or even $0.3.
Main breakdown:
- XRP trading below major moving averages
- XRP price fell over 3% in the last 24 hours
- Current price at $0.51 with a low and high of $0.510 and $0.528
- Trading volume has decreased in the past 24 hours
Hot Take:
With whales and traders dumping XRP and the price nearing a support level, it seems that confidence in XRP is waning. The upcoming Ripple vs SEC trial adds further uncertainty to the situation. XRP’s price risks a significant nosedive, potentially reaching $0.42. Crypto investors should closely monitor the developments surrounding XRP and exercise caution in their trading decisions.
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