- Whales and traders are selling their XRP assets due to the inability to sustain the upward momentum following Judge Torres’ summary judgment decision.
- Judge Torres’ permission for the U.S. Securities and Exchange Commission (SEC) to object to XRP token sales caused a major sell-off.
- The XRP price has dropped by more than 3% in the last 24 hours and is currently trading at $0.51. The low and high values in the last 24 hours are $0.510 and $0.528, respectively.
XRP Whale Starts Sending Assets Back to Exchange; How Will Whale Selling Pressure Affect XRP Price?
XRP Whale Transfers Assets to Exchange
Whales and traders are selling their XRP assets as the price of XRP approaches the support level and fails to sustain the upward momentum following Judge Torres’ summary judgment decision in the U.S. SEC v. Ripple Labs case. Now, another whale has transferred over 29 million XRP worth more than $15 million to a crypto exchange as the price approaches the support level.
On April 25, it was reported that a whale transferred 29,300,000 XRP, worth $15.13 million, to the crypto exchange Bitstamp. Further data also indicated that this whale could unload their XRP assets, as they transferred 14 million XRP to Bitso a few hours ago.
Judge Torres’ permission for the U.S. Securities and Exchange Commission (SEC) to object to XRP token sales caused a major sell-off. The XRP price dropped below two critical support levels of $0.6 and $0.5.
The XRP price is currently recovering from the $0.5 support level, but it carries a significant risk of a major drop if traders and whales decide to sell their assets.
Meanwhile, the Ripple and SEC case is likely to take place at the end of April or mid-May; the plaintiff SEC and defendant Ripple Labs, CEO Brad Garlinghouse, and executive chairman Chris Larsen stated that they are not available for court in the second quarter. The XRP price responded positively to this news, but the bulls failed to sustain the upward momentum.
XRP Price Carries the Risk of Dropping to $0.42
According to an analysis by COINOTAG, the bearish candle wick extended to $0.42 last week. It is currently uncertain whether the fifth-largest cryptocurrency can recover from the rising trend line to $1 or extend the drop to $0.42 or worse, $0.3.
XRP is trading below all significant moving averages, including the 50-day Exponential Moving Average (EMA), 100-day EMA, and most importantly, the 200-day EMA, which is at $0.5253.
The XRP price has dropped by more than 3% in the last 24 hours and is currently trading at $0.51. The low and high values in the last 24 hours are $0.510 and $0.528, respectively. Additionally, the trading volume has decreased in the last 24 hours.
