The price of XRP briefly rose after the SEC lawsuit was resolved in favor of Ripple, but it failed to reach expected levels. This led to profit taking by large investors (whales), and the price started to decline. On-chain data suggests the possibility of a short-term correction for XRP.
Last week, after the SEC-Ripple lawsuit was concluded in Ripple’s favor, the XRP price increased by 30 percent. However, this increase did not reach the high levels expected by the market, which led whales to sell their XRP. The price of XRP increased by 30 percent on August 7, reaching $0.644. However, this level remained below the peak of $0.658 recorded on July 30. This lower peak indicates that demand in the market is weak and buyers are unable to push the price higher. As a result, the price of XRP has decreased by 9 percent since this peak, indicating that a serious correction may occur in the coming days.
Currently trading at $0.585, XRP is expected to shed its 30% rally gains. A possible rally at the beginning of the week could lead XRP to retest the $0.613 resistance level. However, if a rejection candle forms at this level, it could indicate that buyers are exhausted and the price could retest the $0.560 to $0.555 support range.
While technical analysis is bearish for 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 XRP accumulated 230 million XRP between July 17 and August 2, expecting the lawsuit to be resolved in Ripple’s favor. However, as of August 7, these wallets sold 150 million XRP, reducing their balance to $3.8 billion. Additionally, the Whale Transaction Count metric, which tracks transfers worth $100,000 or more, confirms that these whales were selling during the 30% price increase on August 7.
Technical and on-chain data suggest that large investors are selling their XRP holdings following the conclusion of the SEC lawsuit. While a short-term correction seems likely, if the price of Bitcoin (BTC) continues its upward movement, this correction could be more limited than expected or may not happen at all.
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