The ongoing crypto correction triggered by the high-impact news on Wednesday has not spared Ripple Labs-backed XRP in the past 24 hours. The large-cap altcoin, with a fully diluted valuation of about $60 billion and a daily average traded volume of around $2 billion, dropped nearly 8 percent in the last 24 hours to trade about 60 cents on Thursday during the early New York session.
However, the Ripple community is celebrating an impressive performance in July, having rallies over 35 percent. Despite an indecisive weekly close, the XRP price has regained crucial support levels, including the weekly 50 and 200 Moving Averages (MAs).
XRP Whales on a Buying Spree
According to on-chain data analysis provided by Whale Alert, more than $100 million worth of XRP has been withdrawn from Binance in the past two days to unknown addresses.
The whale investors are betting on an inevitable XRP bullish breakout in the near term after consolidating in a triangular pattern for the past six years.
Why XRP is Winning
The Ripple community has been anticipating a final ruling from Judge Analisa Torres in the ongoing lawsuit filed by the US SEC. In the recent past, the US SEC has dropped several cases against crypto projects including those suggesting some digital assets were securities.
Meanwhile, the US SEC had previously requested the court to issue a fine of about $102 million to Ripple for violating securities laws through XRP sales to institutions.
Cautionary Warnings
According to veteran trader Peter Brandt, the XRP community should closely monitor the BTC pair for a possible head and shoulders (H&S) pattern. Having established a neckline support level of around 0.0000082 in the past six years, Brandt noted that XRP cannot afford to bleed further to Bitcoin.
In case of sustained bearish sentiment for XRP against Bitcoin, Brandt believes a major selloff could push the pair towards 0.00000020.
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