Key notes
Earlier this week, the price of XRP fell by more than 20%. Increased whale activity with recent transfers over 100 million XRP has caused investors concerns. Technical analysis shows that XRP remains in a rising triangle pattern, suggesting that potential price increases are if it breaks resistance levels.
The decision by the Security and Bursary Commission to appeal appeal against the court that determined the XRP sales to retail investors on exchanges, as not the security affected the price of XRP
Xrp
$ 2.40
24 hour volatility:
1.1%
Market Capitalization:
$ 139.94 b
Full. 24 hours:
$ 3.51 b
. That could be the reason behind a whale movement on the XRP stake. Onchain Analytics Firm Whale Alert has discovered several whale wallets that have transferred their XRP stake from one wallet to another within the past 24 hours, which has led to uncertainty among some users.
The popular wallet address “RZN” has moved 30,380,000 XRP from an unknown wallet to Bitso, which amounts to about $ 15.99 million. The same wallet also moved 19,220,000 XRP, worth about $ 10.12 million, to Bitstamp. For that, a whale transferred 104,384,848 XRP from an unknown wallet to a new unknown wallet. These transfers within the past day have raised concerns among XRP users, because some people are concerned that the transfer may be that investors will shower the sign due to the appeal filed by the SEC.
Although whale movements do not always result in immediate drastic price changes because they can prepare for other activities such as going, trading or simply moving their assets, the timing on which these whale movements are made is speculations on possible sale.
XRP lawyer Bill Morgan expressed concern about the XRP community and said they were unhappy. SEC’s lawsuit against Ripple was filed just when the last cryptocurrency bull started. He noted that the financial watchdog has now filed an appeal against a decision of the court that is favorable to XRP, which can once again cause uncertainty and price declines, which, which is the community’s ability to take advantage of potential market gain, an appeal against a court decision.
The price of XRP fell by more than 20% between Monday and Thursday. The trading volume has decreased by more than 50% over the past 24 hours, showing the negative sentiment around the coin. Despite the clumsy sentiment around the coin, some XRP analysts remain hopeful.
Analysts remain optimistic despite the recent price dip
A crypto analyst on X with more than 15,000 followers, Crypto Mike, said the XRP price does not yet have a sign of a knitical signal, as the drawing price is still within a majority rising triangle.
In a graph posted by “Crypto Mike”, the XRP price has been in a rising triangle for several months, and this pattern is characterized by a series of higher lows and a relatively flat resistance level of about $ 0.60- $ 0.63. Thus, if the price breaks the resistance at about $ 0.63, it can lead to the price of XRP increases.
The SEC has not yet submitted form C to the second cycle, which will provide more details on what it is really attractive. There are also rumors that Ripple will submit a cross appeal. So it is too early to predict the future of XRP price. However, one can predict that the appeal could affect the price in the short term.
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Disclaimer: COINSPEAKER is committed to providing unbiased and transparent reporting. This article aims to provide accurate and timely information, but should not be considered financial or investment advice. Since market conditions can change quickly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Temitope is a writer with more than four years of experience in different niches. He has a special interest in the Fintech and Blockchain spaces and enjoys writing articles in those areas. He has bachelor and master’s degrees in linguistics. If he does not write, he trades forex and plays video games.
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