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Highlights
- Pro-XRP lawyer Bill Morgan reacts to XRP's slip below $0.53 support level.
- Ripple's unlocking of tokens from escrow and whale activity aligns with XRP's slump.
- XRP price drops, although a consolidatory phase might be imminent.
The Ripple XRP price witnessed a significant fluctuation in the last 24-hours causing a surge of speculation among traders and investors in the cryptocurrency market. The token experienced a notable downturn, slipping below the critical support level of $0.53. This movement caught the attention of Bill Morgan, a lawyer known for supporting XRP, who highlighted the token’s decline on X with a succinct comment: “Ouch.”
Ouch. Just fell below the $0.53 ‘support’ https://t.co/QlMeDS4alQ pic.twitter.com/8agz43ZE3d
— bill morgan (@Belisarius2020) February 26, 2024
Meanwhile, in his previous posts on X, the pro-XRP lawyer portrayed bearish thoughts on the token, aligning with the bearish movement witnessed recently. Data by CoinMarketCap showcases that the token traded initially in the green today. However, it showcased a phenomenal drop during the late hours, dropping below the crucial support level mentioned above.
Intriguingly, the derivatives data fueled further speculations over the Ripple-backed token’s price action ahead.
XRP Slips Below Support With Increase In Supply
According to a report by CoinGape Media today, a staggering 400 million XRP was unlocked from escrow at Ripple, significantly pushing XRP’s supply. Moreover, additional dumps to CEXs by an XRP whale further weighed in on the Ripple-backed token’s rising supply. This colossal supply surge appears to align with usual market sentiments of a token’s slump with the supply pump, as also seen by XRP’s drop below support witnessed today.
Meanwhile, in a previous post on X, Morgan took a jab at Ali MArtinez’s proclamation of XRP’s potential run to $0.63, garnering attention among crypto market traders and investors. “Right now it’s failing to hold an allegedly key support at $0.54 and heading lower.”- Morgan stated in his post on X, replying to Huber’s post spotlighting Martinez’s prediction.
Whereas, in another post on X, the pro-XRP lawyer spotlighted Flare’s topping of Aave and ALGO by global market cap.
Wow FLR flipped Aave and ALGO. https://t.co/cghJAskUWn
— bill morgan (@Belisarius2020) February 26, 2024
Also Read: Terra Luna Classic Announces Major Core Upgrades, LUNC and USTC Price Jumps
XRP Price Plunges
As of writing, CoinMarketCap’s data showcased a drop of 1.99% in XRP’s price over the past 24 hours and is currently trading at $0.5335. The token’s market cap also jotted down a 1.97% plunge, reaching $29.13 billion.
However, the token’s derivatives data showcased a 6.03% rise in XRP’s open interest, reaching $716.95 million. This might hint at investors buying the dip in confidence, with new money entering the market. Even the volume, per Coinglass‘ data, surged 56.94%, reaching $754.75 million. This signaled that a consolidatory phase might be imminent for the Ripple-backed token, amassing attention across the crypto realm.
Also Read: BitForex Down: Crypto Operations Stop After Suspicious $56 Million Exit Scam
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