XRP is currently attempting to break the resistance at USD 0.535, the token is burdened with potential downside risk as traders and key holders consider selling their holdings.
Recently, the crypto tracking platform Whale Alert has been tracking an anonymous crypto whale who has taken nearly half a billion XRP tokens from a crypto exchange based in the Netherlands. Notably, it is the largest XRP whale activity in recent weeks. Surprisingly, the tokens were moved to a secret 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-managed wallet of an unregistered wallet owner.
This has made the bull more aggressive and despite a 15% drop in the price of XRP on August 17, the cryptocurrency is trying to recover. On the downside, the token is struggling to surpass the USD 0.535 resistance level; it is currently trading around USD 0.52144.
What caused these price fluctuations? Experts believe that the upcoming legal battle between Ripple and the SEC is expected to affect XRP’s trajectory. The trial is expected to coincide with the conclusion of the previous verdict and has affected 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 small increase of 1.12% in the past 24 hours. This is a significant drop from the all-time high six years ago. Looking at the daily chart, XRP is in a consolidation phase, with a strong presence of bearish strength. On the other hand, the daily Relative Strength Index (RSI) shows oversold levels at 34, with trading volume shooting at 9.99% in the last 24 hours.
In a scenario where sales intensify, bullish sentiment disappears and capital disappears. If the price of XRP falls below USD 0.4, it could pave the way for further declines towards a key USD 0.3 support area, potentially spell trouble for those hoping for a bullish outcome.
There is mixed sentiment for XRP. Some say to buy the dip and some prefer to liquidate the stock. What will be your next move, tell us.