The ongoing crypto correction, triggered by significant news on Wednesday, has impacted Ripple Labs-backed XRP. Over the past 24 hours, this large-cap altcoin, valued at around $60 billion and with an average daily trading volume of $2 billion, dropped nearly 8 percent. By early Thursday’s New York session, XRP was trading around 60 cents.
Despite the recent downturn, the Ripple community is celebrating a strong performance in July, with XRP rallying over 35 percent. Although the weekly close remains uncertain, XRP has regained crucial support levels, including the weekly 50 and 200 Moving Averages (MAs).
Whale Activity in Focus
On-chain data from Whale Alert shows that over $100 million worth of XRP has been withdrawn from to unknown addresses in the past two days.
📊 XRP Ledger, among one of the best performers in July, has been powered by high on-chain activity. Major whale transaction levels and network growth helped power a +35% month, and social dominance is now sky-high as the asset has mildly retraced. pic.twitter.com/IGxMb6fLyw — Santiment (@santimentfeed) August 1, 2024
Whale investors are betting on a bullish breakout for XRP, following a six-year consolidation in a triangular pattern.
Image source: Whale Alert
Why XRP is Winning
The Ripple community is eagerly awaiting a final ruling from Judge Analisa Torres in the ongoing lawsuit filed by the US SEC. Recently, the SEC has dropped several cases against crypto projects, including those suggesting some digital assets were securities. However, the SEC previously requested the court to impose a fine of about $102 million on Ripple for violating securities laws through XRP sales to institutions.
Market Analysis & Predictions
Veteran trader Peter Brandt advises the XRP community to closely monitor the BTC pair for a potential head and shoulders (H&S) pattern. With a neckline support level around 0.0000082 established over the past six years, Brandt warns that XRP cannot afford further declines against Bitcoin. If the bearish sentiment persists, Brandt predicts a major selloff could push the pair towards 0.00000020.
This chart pattern is a multi-year complex H&S.
If this chart penetrates the lower support line then all @X accounts with XRP initials attached will slowly disappear to never again be seen again pic.twitter.com/tJEJSEvKv8 — Peter Brandt (@PeterLBrandt) August 1, 2024By maintaining crucial support levels and with ongoing legal developments, XRP’s future remains uncertain but closely watched by both investors and traders.
Also Read: Top 3 Solana Tokens to Buy During the August Dip
Is XRP ready to break out, or is it headed for further decline? Let us know your thoughts.
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