Cryptocurrency XRP remains unsettled amidst a potentially game-changing legal case. Earlier today, its price fell below a critical threshold, a move underscored by XRP’s renowned lawyer.
XRP Lawyer’s Commentary
Ripple Labs’ native cryptocurrency XRP experienced a series of events that created uncertainty among crypto market traders and investors, with the price briefly falling below the crucial $0.53 support level on February 26.
Lawyer Bill Morgan, known for his close ties to XRP, recently shared a post about the token, drawing attention to its drop below the previously mentioned support level with a concerned “Ah.”
Moreover, in a previous post, Morgan highlighted the bearish outlook for the token, which paralleled the recent downward trend.
Data provided by CoinMarketCap showed that the token traded positively earlier in the day but later exhibited a sharp price movement, falling below the important support level mentioned above.
XRP Supply Increases, Price Drops
On another note, the unlocking of 400 million XRP from Ripple‘s escrow wallets led to a significant increase in the supply of XRP.
Additionally, large transfers of XRP to CEXs by a whale investor made the increased supply more apparent. It is believed that the influx of a large supply into the market could have had a negative impact on the price.
Morgan also recently commented on a prediction by Ali Martinez that XRP could potentially rise to $0.63, drawing attention among crypto market traders and investors.
Currently, the so-called key support at $0.54 is not holding, and it’s moving lower
In another article, Morgan emphasized that Flare surpassed Aave and ALGO in terms of global market value.
XRP Price Declines
According to data from 21milyon.com, XRP’s price saw a 1% decrease in the last 24 hours and was finding buyers at the $0.54 level at the time of writing. The market value of the token also experienced a 1% decrease during this period, reaching $29.5 billion.
Furthermore, derivative data for the token indicated a 6.03% increase in XRP’s open interest, reaching $716.95 million. Despite the influx of new XRPs into the market, investors’ confidence in the altcoin seems to suggest they are buying the dip. XRP’s 24-hour trading volume also saw a 35% increase, surpassing $930 million and approaching the $1 billion threshold.
