XRP Price Prediction as $1.4 Billion Sends XRP Down 1.5% – Are Whales Selling?
The XRP price has dropped by 1.5% in the past 24 hours, slipping to $0.585019 as the cryptocurrency market as a whole falls by 2% within the same timeframe.
The market has been pulled down by a number of factors today, from ongoing weakness in stock markets to disappointment over delayed Bitcoin ETF decisions, with XRP sharing in the general negativity.
However, despite being down by as much as 22% in the past month, XRP remains up by 72% since the beginning of the year, with Ripple's successes in its case against the SEC providing a big factor in this increase.
And with Ripple recently filing its opposition to a motion from the SEC to appeal against aspects of July's ruling, it's likely that XRP could soon receive some support that would help it rise again.
XRP is currently in a bad position, with its relative strength index (purple) dropping below 30 earlier this morning, indicating overselling and also the approach of a possible rebound.
Reinforcing the perception of an undervalued asset is the fact that XRP's 30-day moving average (yellow) continues to fall below its 200-day average (blue), and is now some way below it.
This would suggest that the altcoin is bound to rebound in the very near future, yet its support level (green) also continues to slide downwards, implying that it may not be able to guard against a few more drops before things become more positive.
On the other hand, there are no indications that whales have made big XRP transfers to exchanges in the past few days, even if the coin's trading volume has risen beyond $1.4 billion today.
It's declines could therefore be about to end, with the coin suffering largely for external reasons, with negativity affecting the market as a whole today.
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