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Whales On Bears’ Side As XRP Price Risks Massive Fall, Here’s Why

Whales and traders anticipate another fall in XRP price as they continue to sell XRP to exchanges amid standoff in Ripple vs SEC lawsuit.
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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.

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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.

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

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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 in 4Hr Timeframe. Source: TradingView

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.

Also Read: Shiba Inu Lead Developer Releases Final Shibarium Scaling Update

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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