Whales On Bears’ Side As XRP Price Risks Massive Fall, Here’s Why
Whales are back in action amid a temporary standoff in the U.S. SEC v. Ripple Labs lawsuit. After Judge Torres approved the SEC’s motion for interlocutory appeal as well as the delay in the trial, XRP price almost gave up all the gains it made after the ruling that XRP is not a security. Traders and whales speculate further fall in XRP price as chart patterns at various timeframes are weak and derivatives trading is low.
Whales Anticipate Further Fall in XRP Price
Traders and whales are holding XRP price in range bound above the $0.50 support level. CoinGape Media recently reported whales moved over $20 million in XRP to crypto exchanges as the price broke key support levels.
Whale Alert reported on August 28 that a whale transferred 28.40 million XRP worth nearly $15 million to crypto exchange Bitstamp. Also, the whale that recently moved 425 million XRP has again moved these to another wallet. Whales are trading massive amounts of XRP, causing XRP to hit the support level again.
🚨 28,400,000 #XRP (14,921,752 USD) transferred from unknown wallet to #Bitstamphttps://t.co/anDt4EIg1z
— Whale Alert (@whale_alert) August 27, 2023
Meanwhile, bullish momentum from Ripple vs SEC lawsuit wanes as the court prepares for the next trial in the second quarter of 2024. Defendants CEO Brad Garlinghouse, executive chairman Chris Larsen, Ripple Labs, and plaintiff SEC have informed the judge about dates they are unavailable in the second quarter.
Also Read: Bitcoin (BTC) Undervalued But Charts Show Further Correction Pending
Weak Chart Patterns In All Timeframes
XRP price currently trades at $0.51, down 2% in the last 24 hours. The 24-hour low and high are $0.515 and $0.529, respectively. However, the overall price action is sideways and trading volume has dipped significantly in the last week.
According to an analysis by CoinGape Markets, XRP price can fall to $0.42. However, analysts expect it as a buy-the-dip opportunity and go for longs.
XRP is mostly bearish in all timeframes and indicators point to another fall. The price is currently in Bollinger Band squeeze, but it is below 20-MA, 50-MA, and 100-MA. Also, RSI is moving closer to the oversold region after falling below 50 today. Thus, XRP price will fall to $.42 if whales continue to sell.
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