Attention! Undercurrents in the XRP storm, whales are moving to lay out
In the news storm that swept the crypto world on Wednesday, XRP, a digital asset carefully cultivated by Ripple Labs, was not spared. Its price fell sharply by nearly 8% in the past 24 hours, and it was close to the psychological barrier of 60 cents in early trading in New York on Thursday.
In July, XRP stood out with its outstanding performance, behind which was the surge in on-chain activities and the enthusiastic participation of whales. Large transactions frequently emerged, the network ecology flourished, and XRP rose strongly.
According to the authoritative data of Whale Alert, more than $100 million of XRP funds quietly withdrew from Binance in the past two days, and the giant whales are quietly brewing a new round of layout. The keen sense of smell of these whales undoubtedly added a bit of bullish weight to the future of XRP. They seem to have seen the power of XRP that is about to explode after six years of triangle consolidation.
In this long tug-of-war with the SEC, the Ripple community has always believed that the dawn of justice will eventually come. With the SEC's recent withdrawal of lawsuits against multiple crypto projects, it is widely expected that XRP's legal predicament will also see a turnaround. The SEC's request for a $102 million fine against Ripple is still like a sword of Damocles hanging over people's heads, reminding people of the difficulty of this struggle.
Against this background, veteran trading master Peter Brandt reminds us with his unique market insight that the comparison between XRP and BTC may be brewing the embryonic form of a head and shoulders top pattern, which is a signal that requires high vigilance. The solid support that XRP has built over the past six years, especially the neckline position of about 0.0000082, will be its key line of defense against further decline.
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