For a while now, the RON Coin price has impressively risen to $3.5, not disappointing expectations. After being added to the Coinbase roadmap, the bulls accelerated the rally, making those who bravely jumped on the train, albeit late, happy. So what happens now? What do investors need to know about the RON Coin downturn?
RON Coin and Insider Trading
The latest assessment by crypto analytics firm Nansen addresses the decline that began with the Binance listing. On the day the listing was announced, the price of Ronin (RON) fell. Arca Investments, the financial backer of the Ronin bridge, had been selling its holdings throughout the year and accelerated its sales on the day of the listing. While everyone’s appetite was increasing, Arca was emptying its reserves.
According to on-chain data, the company exchanged 1.5 million of its tokens for ETH one week before Binance’s listing announcement. The company also profited from RON sales as a crypto liquidity provider for the Slow Love Potion (SLP) and wrapped-ETH (wETH) trading pair.
At the beginning of the week, the price drop with the Binance announcement was also on the agenda of the exchange’s co-founder Hi Ye, who held those monitoring on-chain activity and taking positions accordingly responsible for the downturn. On January 16, 2024, Nansen also reported that Ronin reached its highest levels with a 192.2% increase in monthly active addresses.
The sales by Arca Investments were the on-chain activity in question. Now Binance plans to expand its measures to prevent similar issues. Insider trading is a crime in traditional markets and constitutes a crime according to US laws. Elon Musk was once accused of this.
RON Coin Price Prediction
The price on the Binance exchange is $2.52 as of the writing of this article. It has dropped by about 7 percent in the last 24 hours and peaked at $3.22 during the listing. The lowest point on the exchange is $2.37. On other exchanges, the price, which rose to $3.6 and surpassed the key $3.5 resistance, experienced a 789% increase at the peak point in 106 days.
The outlook is relatively positive as it is currently holding above the $2.46 support zone. If closures below this level begin on the daily chart, sales could continue down to $2.18 and $1.93. The main support is at $1.75.
