XRP is at present trying to break the resistance at $0.535, the token is charged with a potential downturn risk as traders and significant holders consider selling off their holdings.
Recently, the Whale Alert crypto tracking platform tracked an anonymous crypto whale who withdrew nearly half a billion XRP tokens from a Netherlands-based crypto exchange. Notably making it the largest XRP whale activity in recent weeks. Surprisingly, the tokens were moved to an undisclosed wallet for long-term storage. It is the same account that moved 4.6 trillion Shiba Inu tokens from the same exchange to a self-custody wallet by an unregistered wallet owner.
This has made the bull more aggressive and despite a 15% drop in XRP’s price on August 17, the cryptocurrency has been attempting to recover. On the flip side, the token is struggling to surpass the resistance level of $0.535, it is currently trading at around $0.52144.
What made these price fluctuations? Experts believe that the upcoming legal battle between Ripple and the SEC is anticipated to influence XRP’s trajectory. The trial is expected to coincide with the conclusion of the previous verdict and has impacted the market sentiment for XRP, leading to challenges in sustaining bullish momentum.
Good to Invest in XRP?
As for investing in XRP, the cryptocurrency is currently valued at $0.5209, with a minor increase of 1.12% in the last 24 hours. Marking a significant decrease from its all-time high six years ago. Looking at the daily chart XRP is at a consolidation phase, with a strong presence of bearish strength. On the other hand, the daily Relative Strength Index (RSI) is showing oversold levels at 34, with a trading volume shooting at 9.99% in the past 24 hours.
In a scenario where selling intensifies, bullish sentiments fade, and capital exits. If XRP’s price drops below $0.4, it could pave the way for further declines toward a major support area at $0.3, potentially spelling trouble for those hoping for a bullish outcome.
There is mixed sentiment prevailing for XRP some say to buy the dip and some prefer to liquidate the stocks. What will be your next move tell us.
