Following Judge Torres’ summary judgment stating that XRP is not a security in the case of Ripple Labs against the US SEC, whales and traders are selling off their XRP assets due to the inability to sustain upward momentum. Now, another whale has transferred over 29 million XRP, worth over $15 million, to a cryptocurrency exchange as the price approaches the support level.
Last Minute Comment on XRP
Whale Alert reported in an article on April 25th that a whale transferred 29,300,000 XRP, valued at $15.13, to the cryptocurrency exchange Bitstamp. Further data revealed that the whale potentially sold off their XRP assets by transferring 14 million XRP to Bitso a few hours earlier.
Judge Torres’ decision to allow the US Securities and Exchange Commission to file an interim appeal in response to XRP token sales caused a major sell-off. The XRP price fell below two critical support levels of $0.6 and $0.5. Currently, the XRP price is recovering from the $0.5 support level, but there is a significant risk of a major drop if traders and whales decide to sell off their assets.
Meanwhile, the Ripple vs SEC case is likely to take place at the end of April or mid-May, as the plaintiff SEC and defendants Ripple Labs, CEO Brad Garlinghouse, and executive chairman Chris Larsen have reported their unavailability in court until the second quarter of 2024. The XRP price experienced a temporary recovery as a reaction, but the bulls failed to sustain upward momentum.
Will XRP Price Drop?
According to an analysis, the bearish candle wick extended down to $0.42 last week. It is still too early to determine whether the fifth largest cryptocurrency will recover towards the coveted $1 or extend the declines to $0.42 or worse, $0.3.
XRP is currently trading at $0.5253, below all significant moving averages, including the 50-day Exponential Moving Average (EMA) (red), 100-day EMA (blue), and most importantly, the 200-day EMA (purple). The XRP price has dropped over 3% in the last 24 hours and is currently trading at $0.51. The lowest and highest prices in the past 24 hours were $0.510 and $0.528, respectively. Additionally, the trading volume has decreased in the last 24 hours.
