After yesterday's rise, Bitcoin has returned to the price after the US stock market closed last Friday. It is currently above $59,500. It has fallen, but it seems that it has not fallen. It's just that the price of Altcoin is much lower than that on Friday. The worst thing about trading is that the price has not changed, but the money in the account is gone after a fierce operation. Obviously, you are working hard to make money, but in the end you are losing money. Saturday and Sunday made the little leeks develop the inertial thinking of shorting on rebounds. The market from yesterday to now has taught these people who rely on regular trading a lesson. It is really difficult to accurately grasp each kind of leeks.
Recently, XRP whales dumped millions of XRP just days before Ripple was expected to pay a $125 million settlement to the U.S. Securities and Exchange Commission, which caused concern in the cryptocurrency community.
Everyone is wondering - is the worst yet to come? What does the future hold?
Whale behavior shakes the market
On September 2, Whale Alert’s on-chain data showed that nearly 1 billion XRP was transferred to Ripple in a series of transactions. Among them, a well-known whale address transferred 20 million XRP and deposited the funds in the Bitstamp exchange.
The sharp move added to bearish sentiment in the market, as concerns grew about the stability of the asset as a $125 million settlement was looming.
Uptrend or sell-off? Key indicators to watch
More concerning is that Ripple recently unlocked 1 billion XRP from its escrow account, but shortly afterward locked another 800 million XRP. These major moves have sparked speculation about Ripple’s strategy and the potential impact on the value of XRP as the SEC settlement approaches.
Currently, the price of XRP is slightly below the 50-day simple moving average (SMA) at $0.577, indicating a bearish trend and a possible resistance at this level. Conversely, the 200-day SMA is at $0.547, indicating a long-term bullish trend and indicating that XRP is close to a critical support level. Staying above this SMA is crucial for future price increases.
XRP Price Crashes
The massive selling by whales has impacted the price of XRP, which has fallen by 1.5% to $0.5503. The coin’s 24-hour price range has fluctuated between $0.5448 and $0.5724, with today’s decline mainly due to increased selling pressure. Despite this, I remain optimistic about XRP’s long-term prospects, with forecasts suggesting that the token could rise to $4, driven by Ripple’s new banking initiative.
Hybrid Market Data – What Does It Tell Us?
Market data shows a mixed picture for XRP. Coinglass reports that XRP’s open interest (OI) fell 1.15% and now stands at $608.68 million. Meanwhile, derivatives volumes surged 65% to $823.89 million, reflecting increased trading activity.
XRP’s relative strength index (RSI) is currently at 42, indicating that the asset is neither overbought nor oversold. The impact of these whale movements and Ripple’s upcoming settlement could significantly impact XRP’s performance in the coming days as the community watches closely.
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