With XRP falling below the $0.47 threshold, supply pressure is likely to build this week.
If the price manages to cross above $0.45 level, then it will likely test $0.47 level.
In the last day, Ripple’s XRP has seen substantial whale activity. As Ripple and the US SEC near the end of their legal fight, these movements have occurred at a crucial juncture. It also leads the community to believe that the XRP whales will be active again. A whale reportedly sent 37.39 million XRP tokens worth $16.06 million to the crypto exchange Bitstamp.
Penalties presently suggested at $102.6 million are at the heart of the continuing Ripple vs. SEC action, which began in December 2020 and centers on alleged unregistered securities offers via XRP sales.
The intricacy of the case and the possibility of appeals might cause it to drag on, impacting the price of XRP, although predictions indicate a conclusion by July 31 with a possible $25 million penalty. The litigation might go on forever due to the intricate legal procedure and potential appeals from both parties. On the other hand, there are optimists who think the formal end may happen this month.
$0.47 Critical Level Broken
A huge sell-off in altcoins occurs after the dismal week in the cryptocurrency market. With an 11% drop last week, XRP price shattered the $0.47 critical level among the collapsing altcoins. With XRP falling below the $0.47 threshold, supply pressure is likely to build this week.
At the time of writing, XRP is trading at $0.4369, up 0.72% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 77.62%. If the price manages to cross above $0.45 level, then it will likely test $0.47 resistance level. However, if the price declines below $0.40 then it will likely fall all the way to test $0.34 support level.