A seismic sell-off by XRP whales has put the asset on shaky ground, fueling fears of a potential nosedive in price. These crypto behemoths are offloading millions in XRP daily amid the ongoing Ripple-SEC legal drama.
Recently, two separate whales dumped over $35 million worth of XRP to exchanges in massive transactions tracked by WhaleAlert. This enormous selling pressure has battered support levels and shaken market confidence.
The timing coincides with recent setbacks in Ripple’s landmark lawsuit against the SEC. The judge’s approval for an SEC appeal and trial delays to 2024 have dampened positive sentiment.
Meanwhile, tepid chart patterns, declining derivatives activity, and other bearish signals all point to further downside.
Per technical analysis, XRP looks vulnerable to a plunge towards $0.42 if selling momentum continues. While some view this as a buying opportunity, prevailing indicators suggest caution is warranted.
With XRP caught between regulatory woes and intensified whale dumping, traders should brace for increased volatility. The waters ahead remain turbulent for XRP as legal uncertainty and heavy selling persist. Its fate now lies in the hands of the whales.
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