🧧 $XRP
🧧🧧 $XRP
The price of XRP recorded a 30 percent increase last week after the case between the SEC and Ripple concluded in favor of Ripple. However, this increase failed to move the price to the expected levels, and large investors began to sell the XRPs they had. Movements within the chain indicate that there may be a serious correction to the price of XRP in the coming days.
Rise in Ripple's XRP Price Remains Limited
XRP's price rose 30 percent on August 7 to $0.644, but remained lower than $0.658 recorded on July 30. This shows that buyers are not able to move the altcoin to higher levels. As a matter of fact, the price of XRP fell by 9 percent after this peak.
XRP, which is currently trading at $0.585, is expected to return its gains in its 30 percent rally. A possible rise earlier in the week could push XRP to test the $0.613 resistance level again. However, a rejection candle to be lit here can be considered a sign that buyers are running out, which may lead to the price retesting the support range at $0.560 to $0.555 in this scenario.
On-Chain Data for XRP Downtrend
While technical analysis shows a bearish trend for the price of XRP, on-chain data also supports this view. According to Santiment's "Supply Distribution By Balance" metric, wallet addresses holding between 1 million and 10 million XRPs accumulated 230 million units of XRP between July 17 and August 2, waiting for the case to be concluded in favor of Ripple. However, on August 7, these addresses sold 150 million units of XRP, reducing their balances to 3.8 billion.
The Whale Transaction Count metric confirms that large investors were selling when XRP's price rose by 30 percent. Technical and on-chain data shows that major investors sold their assets following the conclusion of the SEC and the Ripple lawsuit. Although there is a high probability of a short-term correction, if Bitcoin's price continues its upward movement, this correction may be more limited or not at all compared to what was expected.
Concrete and Valuable Inferences
• The result of the Ripple and SEC lawsuit could cause sudden changes to the price of XRP.
• The movements of large investors can lead to significant price changes in the market.
• Technical analysis and on-chain data show that XRP may fluctuate more in the short term.
• Bitcoin's overall market movements can affect XRP's performance.
As a result, XRP's price movements should be carefully monitored and investors should identify their strategy by closely following the market data. The effects of the lawsuit between the SEC and Ripple and the movements of major investors are among the key factors that will determine the future performance of XRP.
