XRP Price Rebounds Amidst Ripple Lawsuit Update and Whale Activity
The XRP market is experiencing a flurry of activity, with price recovery, ongoing legal battles, and intriguing whale movements grabbing investor attention.
Ripple vs. SEC Lawsuit Update
The long-awaited SEC’s preliminary settlement propositions remain confidential, but a response from Ripple is expected by April 22nd. A surprising development emerged with Ripple CEOs Brad Garlinghouse and Stuart Alderoty expressing support for Ethereum while the SEC investigates it as a security. This defies expectations considering past tensions between Ripple and Ethereum.
Whale Activity Signals Mixed Sentiment
Blockchain data reveals three significant XRP transactions totaling 75 million tokens. Two transactions involve a known whale moving XRP to centralized exchanges (CEXs), potentially indicating selling pressure. However, another unknown address accumulated XRP from Upbit, a CEX, suggesting some whales are still bullish.
XRP Market Cap Soars
XRP’s market capitalization witnessed a significant 24-hour increase of $3.2 billion, reaching an impressive $34.55 billion.
This surge places XRP as the sixth-largest digital asset by market cap, solidifying its position within the cryptocurrency domain. The market cap increase coincides with a 6% price rise for XRP, currently trading around $0.63.
XRP Price Action
XRP price surged past $0.60, aiming to reclaim its position above $0.65 resistance. The ultimate goal is to revisit the March 11th peak of $0.7440, but resistance levels between $0.70 and $0.74 pose challenges.
Despite negative signals from the MACD indicator, investor demand seems to be fueling the rebound. Should the trend reverse, support levels at $0.6057 and $0.5681 could come into play.
ABOUT THE AUTHOR
See More
Sidebar rates
Add 3442
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals