XRP dumps as Ripple 240 million of the coin
XRP is under pressure though the bullish breakout of March 11 holds. Ripple sold 240 million of the coin over in the first two weeks of Marc
XRP prices are stable but under pressure, like the rest of the altcoin market. With Bitcoin prices tumbling over the weekend, the coin has also been impacted. Looking at the XRP/USD daily chart, it is steady in the past 24 hours. Even so, it has support at around the $0.59 to $0.61 zone. This is bullish since bears didn’t force prices lower.
Presently, XRP’s market cap is down 0.15% to $33 billion in the past 24 hours. At the same time, there is no enthusiasm for trading. Trading volume is down 32% to $1.6 billion in the same time frame.
Traders can watch the following XRP news today:
- Prices will be heavily impacted by the ongoing Ripple vs. the United States Securities and Exchange Commission (SEC). The case will likely conclude in April.
- Between March 5 and 13, Ripple sold 240 million, worth over $165 million, from its escrow. The liquidation contributed to the sell-off seen in XRP prices. Ripple regularly releases coins from its escrow—selling them on the spot market. It is a move that holders always criticize.
XRP Price Analysis
Presently, the path of least resistance remains northward, at least from a top-down preview.
The reversal of March 11 was extended and took time.
At spot levels, traders might find entries if prices are above the March 11 lows at around $0.58.
Better entries are above March 5 highs of $0.66. Any break or extension above this area might see XRP float to $0.74 and March 11 highs in a buy trend continuation.
Conversely, risk-on traders can wait for a comprehensive, high-volume close above $0.74 before loading the dips, targeting $0.85.
Losses below $0.58 and the March 11 low might see XRP crumble to $0.54 or worse.
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