XRP Takes A 16% Hit In SEC Lawsuit Drama, But Analysts See Hope
07 Outubro 2024 - 8:00AM
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With about 16% of its value lost in October 2024 alone, XRP, the
native coin of Ripple, has been under heavy assault this month. The
US Securities and Exchange Commission’s (SEC) fresh appeal in its
continuous action against Ripple is driving the price drop.
Investors are left wondering about XRP’s future as the legal
question of whether it qualifies as a security looms over the token
like a dark cloud. Related Reading: Starknet: Long Positions
Liquidated Lead To 16% Losses Hope is mixed with skepticism, as
some analysts are nearly optimistic about recovery, considering the
dire forecast. Indeed, there have been whale activities identified
through recent data from the Whale Alert platform, monitoring large
cryptos transfers. 🚨 30,380,000 #XRP (15,993,939 USD) transferred
from unknown wallet to #Bitsohttps://t.co/NWSMKsIZJy — Whale Alert
(@whale_alert) October 3, 2024 Over the past 24 hours, 153 million
XRP tokens were transferred and some of them, undoubtedly, to the
exchanges. This has elicited some interest on the side of traders
about future prospects for XRP, though the token’s future leans
considerably on the outcome in court with the SEC. 🚨 19,220,000
#XRP (10,122,908 USD) transferred from unknown wallet to
#Bitstamphttps://t.co/GNObmOWzeZ — Whale Alert (@whale_alert)
October 3, 2024 Whales Are Migrating XRP Whale Alert reports that a
whale wallet transferred over 30 million XRP tokens equivalent to
almost $16 million into the Bitso exchange. Such activity on part
of whales is usually deemed to be a precursor where traders are
either bracing for more losses or are seeking profits. Everyone
keeps guessing whether this spate of activity from whales bodes
well for another leg down of XRP ahead of the SEC appeal. 🚨 🚨 🚨
104,384,848 #XRP (54,662,653 USD) transferred from unknown wallet
to unknown new wallethttps://t.co/ggwKSmRD9z — Whale Alert
(@whale_alert) October 3, 2024 In spite of these substantial token
transfers, there are those who anticipate that XRP may experience a
rebound. Jack The Rippler, a renowned crypto analyst, identified a
historical descending triangle pattern on the one-month chart of
XRP. This pattern implies that the token may be consolidating prior
to a potential breakout. In 2016 and 2020, comparable patterns
resulted in precipitous rallies following the breach of resistance
levels, providing optimism to those anticipating an additional
increase in the price of XRP. XRP down in the last week. Source:
Coingecko Related Reading: Bittensor (TAO) Soars 130% – What’s
Behind The Altcoin’s Recent Surge? Is There A Possibility Of A
Breakout? XRP is currently at a juncture from a technical
standpoint. Its Relative Strength Index (RSI) is currently at 39, a
value that suggests bearish momentum. Typically, an RSI below 50
indicates that the asset is under pressure, and if it falls below
30, it may enter oversold territory. However, the analysis from
Jack The Rippler reveals that XRP might break out of its current
trend since this is the case after a similar consolidation in the
past. Analysts expect that this token might continue its pursuit of
the next resistance level if such is the case. Meanwhile, the SEC
lawsuit is the elephant in the room, though, and cannot be ignored
either. The result of this court struggle will significantly affect
XRP’s next action. Should the SEC be successful in showing that
Ripple’s secondary XRP sales broke US securities rules, the token
may suffer more losses; some analysts predict a sharp decrease from
its present price to $0.11. Featured image from CPO Magazine, chart
from TradingView
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