XRP erases gains, falls to $0.57 as Ripple investors earn $111 million
Santiment data shows Ripple traders made $111 million on XRP between July 12 and 18.
Selling pressure wiped off 7% of XRP's value on Thursday.
At $0.58, XRP is below the psychological $0.60 mark.
Following the latest cryptocurrency price increase, Ripple (XRP) traders are regularly profiting. The native coin of XRPLedger had its greatest weekly gain ever, reaching $0.6378 on July 17.
XRP has lost recent gains and is under selling pressure from traders taking profits. XRP is near psychological support around $0.58. The US Securities and Exchange Commission (SEC) vs. Ripple litigation continues without a resolution.
SEC vs. Ripple lawsuit settlement rumors and expectations that the litigation would finish before July 31 moved XRP.
The cryptocurrency hit $0.6378 on Binance on July 17, a multi-month local high.
XRP is also affected by Bitcoin's rise beyond $65,000 and the potential approval of a Spot Ethereum ETF.
Attorney Fred Rispoli expected the SEC vs. Ripple action would terminate by July 2024, but no new filing or settlement has been made.
Former securities lawyer addressed lawsuit settlement rumors and said Ripple violated federal securities laws.
Ripple advances as XRP traders anticipate SEC vs. Ripple case verdict.
XRP dealers gained approximately $111 million between July 12 and 18, according to Santiment on-chain statistics. Mass profit taking may have pushed XRP lower.
Network realized profit/loss, which measures net profit/loss, spiked between July 12 and 18, suggesting profit-taking.
Profit-taking was linked to increased active addresses, as seen by huge bars for the same era.
XRP
Rising highs and lows characterize Ripple's uptrend. XRP now prices at $0.5822. XRP fell almost 7%, yet the momentum indicator Moving Average Convergence Divergence suggests a favorable price trend.
XRP may gain 14.42% and reach $0.6666, the 78.6% Fibonacci retracement of the slide from March 12's $0.7440 peak to July 5's $0.3823 low.
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