How is a controversial top ten coin coping with more turmoil and conflict as the crypto market reels from the latest bear attack? XRP previously produced a green candle, but on May 11, it started to take shape. Can XRP beat the odds or is it destined to sink with the rest?
At the time of writing, XRP was the sixth largest cryptocurrency by market capitalization, with a price of $0.506 after falling 2.46% in the past day and losing 18.36% of its value in the past week. These appear to be heavy losses, but given the fate of Terra [LUNA] which lost 92.85% of its value in the past day, XRP’s decline is more like a twisted ankle.
So the price of XRP may have fallen, but one metric was rising at press time. This was XRP volume, which peaked at about 3.29 billion before going to press. Such volumes were last recorded around March 12, 2022, when XRP prices rose briefly. But in this case, might big investors buy the dip and hope to drive a smaller rally?
The statistics certainly back this up, as Santiment data showed whale transactions worth over $100,000 soared to over 1,000 around press time. The last time these figures were exceeded was on February 8, 2022.
Whale warnings also went off for XRP as prices fell in the crypto market. But investors should note that instead of a few gargantuan amounts of XRP moving between exchanges and wallets, much smaller but frequent volumes of XRP traveled through the ecosystem.
In one transaction, even 50 million XRP was involved in moving Ripple to an unknown wallet.
Bears grinding their teeth?
However, despite some bullish indicators, the Bollinger Bands made it clear that XRP was under significant selling pressure. This is evident when we see recent candles breaking through the lower band, indicating a potentially oversold asset.
However, could there be a bullish revival on the horizon? The great oscillator [AO] seemed to disagree as high red bars flashed below the zero line at press time.
Back to regular programming
Investors watching the market should also remember to mark their agendas, as the SEC’s lawsuit against Ripple continues into the second quarter of 2022. According to attorney James K. Filan, more debates will take place in the coming week about — your guess what — documents the SEC claimed were protected by privilege.
#XRPCommunity #SECGov v. #Ripple #XRP Quick schedule update. Ripple defendants’ response to the SEC’s brief assertion that the Hinman documents are protected by attorney-client privilege is expected on Friday, May 13. The SEC’s response to the Ripple defendants’ response is expected on May 18.
— James K. Filan 🇺🇸🇮🇪96k+ (beware of cheaters) (@FilanLaw) May 8, 2022
This post XRP Whales Search Their Final Destination As Traders Get Confused
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