XRP’s recent rally to $0.63 generated excitement, but the coin has since dropped by over 8% in the last 24 hours, trading at $0.56. The broader crypto market’s bearish sentiment has contributed to this decline. The cancellation of a meeting with the SEC has also rattled the Ripple community, as speculation was rife about a potential settlement that could end the ongoing SEC case against Ripple.
Fred Rispoli, a pro-XRP lawyer, had hinted that the case could close by July 31, but recent developments have not indicated any imminent end to the litigation. Despite the recent losses, XRP remains up by over 25% from its weekly low of $0.44. The coin’s RSI of 39 and touching the lower Bollinger band indicate a bearish trend, with $0.51 being a crucial support level that could be tested if the sellers continue their control over the market.
Amid the market downturn, XRP whales have been accumulating coins at a low price. One whale recently moved 24 million XRP tokens worth $13.92 million from Binance to an unknown wallet, then deposited an additional 26 million XRP to another wallet. These transactions suggest that large XRP holders have faith in the token’s long-term potential and are unwilling to sell, which could potentially pave the way for a swift recovery and rally in the future.
The cancellation of the SEC meeting and the lack of clarity on the future of the Ripple case have added to the uncertainty surrounding XRP’s price trajectory. With the bearish momentum prevailing in the market and the ongoing lawsuit casting a shadow on the coin, investors are closely monitoring the situation for any signs of a potential resolution that could unlock XRP’s price growth.
Despite the recent setbacks, the resilience of XRP whales and their continued accumulation of coins indicate a bullish outlook for the token. The whales’ confidence in XRP’s long-term prospects and their willingness to hold onto their positions suggest that the coin could be poised for a rebound once the market sentiment improves and any regulatory uncertainties are resolved. As the broader crypto market continues to navigate through challenges, XRP’s unique dynamics and the actions of its large holders may play a crucial role in determining its future price movements.
