XRP Price Prediction as $700 Million Trading Volume Comes In – Are Whales Selling?
XRP (XRP), the cryptocurrency that powers the decentralized payments-focused XRP Ledger that was created by US fintech company Ripple, has recovered back into the green after slipping to fresh monthly lows earlier in the day.
XRP was last changing hands around $0.4650, up a little under 1% for the day, but still lower by about 6% versus last Sunday’s monthly highs near $0.50.
The cryptocurrency has seen high trading volumes in the last 24 hours, with well over $700 million in XRP swapping across major exchanges as per CoinGecko.
But this hasn’t helped to lift the cryptocurrency and could indicate that whales continue to sell as XRP slips below a key uptrend that has been in play since early 2023.
Concerningly for the XRP bulls, XRP this week fell below an uptrend that has been inplay going all the way back to the start of 2023.
As a result, price predictions have become more pessimistic, with XRP’s technical outlook having darkened.
Assuming a weekly close beneath this uptrend is confirmed, a retest of the 200-Day Moving Average under $0.44 seems likely.
A retest of resistance-turned-support in the $0.41 area is also on the cards.
If XRP was to fall all the way back to these levels, this could be an attractive area for the longer-term XRP bulls to get involved and add to longs.
That’s because this area is where XRP was trading in early March before a surge in optimism about Ripple’s prospects to win a favorable outcome in its lawsuit versus the SEC.
Nothing has happened to change that optimism since March.
Indeed, with the SEC recently having been forced into releasing controversial documents relating to a speech made by a former high level official at the agency (William Hinman), the SEC’s case seems even weaker than ever.
Assuming
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