- Ripple’s native cryptocurrency XRP, which faced significant selling pressure last week and dropped below $0.50, showed signs of healthy recovery over the weekend.
- On-chain data indicates that XRP whales are getting active again and accumulating the dips. According to Santiment data, the XRP network is showing mild signs of recovery.
- Last week, Ripple’s XRP faced significant selling pressure due to the SEC filing an interim appeal regarding the XRP decision.
Ripple’s XRP is experiencing a major price drop following the decision in the SEC case, but whales are accumulating XRP again.
Whales on the Move for XRP This Time
Ripple’s native cryptocurrency XRP, which faced significant selling pressure last week and dropped below $0.50, showed signs of healthy recovery over the weekend. At the time of writing, XRP is trading at a price of $0.5226 and has a market value of over $28 billion.
On-chain data indicates that XRP whales are getting active again and accumulating the dips. According to Santiment data, the XRP network is showing mild signs of recovery, and the current 4% price increase seems to be supported by several significant XRP holders.
Currently, there are 221 addresses holding a significant amount of XRP ranging from 10 million to 1 billion tokens. These addresses hold a total of 16.13 billion tokens, with a value of approximately $8.71 billion.
Last week, Ripple’s XRP faced significant selling pressure due to the SEC filing an interim appeal regarding the XRP decision. Interestingly, in its court filing made last Friday, the SEC left a clue that XRP might not be a security. It was stated as follows:
“The plaintiff does not appeal any ruling on the nature of the underlying assets as mere computer codes with no intrinsic value.”
Amicus Curiae attorney John E. Deaton also shared his views on the SEC’s acknowledgment, adding, “Certainly, it’s a big reason that 75,000 XRP holders got in on this. In fact, we asked the judge to write that the token itself is not a security in the very first section of our briefing.”
What’s the current state of XRP price?
According to the daily chart, XRP/USD is positioned below the resistance range of $0.5750 – $0.5900. The positive movement over the weekend helped it cross the 200-day EMA. However, the cryptocurrency remained below the 50-day EMA, indicating short-term bearish sentiment but potentially a long-term bullish market.
Analyzing the 14-day Relative Strength Index (RSI), the level of 34.14 shows bearish market sentiment. This RSI level is consistent with the 50-day EMA and supports a potential drop below the support range of $0.4920 – $0.4780, potentially targeting below $0.47. However, if XRP manages to stay above the 200-day EMA, it could potentially attempt to break the resistance range of $0.5750 – $0.5900 and the 50-day EMA for a bullish move.
