Whales and traders are dumping their XRP holdings as it fails to hold upside momentum after Judge Torres’ summary judgment ruling in the US SEC v. Ripple Labs lawsuit that XRP is not a security. Now, another whale has transferred 29 million XRP worth more than $15 million to a crypto exchange as the price falls near the support level.
Another Whale Dumps XRP Holdings
Whale Alert in a post on April 25 reported that a whale moved 29,300,000 XRP valued at $15.13 to crypto exchange Bitstamp. Further data also revealed that the whale is potentially dumping its XRP holdings it transferred 14 million XRP to Bitso a few hours earlier.
Judge Torres allowing the U.S. Securities and Exchange Commission to file an interlocutory appeal in response to XRP token sales caused a major selloff. XRP price plunged below two critical support levels of $0.6 and $0.5.
XRP price currently rebounding from the $0.5 support level and risks a massive fall if traders and whales decide to sell their holdings.
Meanwhile, Ripple vs SEC trial is likely to happen in April-end or mid-May as the plaintiff SEC and defendants Ripple Labs, CEO Brad Garlinghouse, and executive chairman Chris Larsen have informed the court about their unavailability in the second quarter of 2024. XRP price rebounded in response, but bulls failed to hold the upside momentum.
XRP Price Risks Nosedive to $0.42
According to an analysis by CoinGape Markets, a bearish candle wick stretched to $0.42 last week. It is too early to tell if the fifth-largest crypto will rebound from the ascending trendline toward the coveted $1, or extend the declines to $0.42 or worse $0.3.
XRP is trading below all the major moving averages, including the 50-day Exponential Moving Average (EMA) (red), the 100-day EMA (blue), and most importantly the 200-day EMA (purple) at $0.5253.
XRP price fell more than 3% in the last 24 hours, with the price currently trading at $0.51. The 24-hour low and high are $0.510 and $0.528. Furthermore, the trading volume has decreased in the past 24 hours.
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