The first day of 2023 brought news of activity within the crypto market potentially capable enough to bring a wave of joy within the XRP community. Whale Alert reported that escrow accounts released about a billion XRP tokens of Ripple network. However, these accounts were not unlocked from escrow accounts belonging to Ripple, but from unknown accounts.
Bithomp data shows that 500 million XRP were unlocked from Ripple owned addresses. These wallets were seen to hold the tokens and rather than any exchanges or any on-demand liquidity websites.
As the general trend follows, such bulk transactions make an impact on the trading price of tokens. However, XRP price did not witness any significant movement following the recent activity.
At the press time, XRP coin is trading at around 0.3456 USD after a 5% increase in the last 24 hours, while losing more than 4% in the last seven days.
Looking at the price movement, some analysts assumed that a price increase would move upwards after it moved beyond the price level of 0.3454 USD. Now when the level is achieved, 0.3543 USD was considered as the first significant resistance. Overall, the price level at around 0.35 USD acts as a positive threshold for XRP.
In addition, given the gradual rally from here continues and the Ripple’s native token witnessed a surge in its value then the upcoming resistance level will be acting as another major resistance level staying at around 0.3664 USD.
However, any judgements rendered by the court in the SEC’s legal case against Ripple would probably have an influence on the aforementioned support and resistance levels. The court’s decision may make these levels obsolete or cause them to change.
Due to the lack of updates regarding the SEC’s legal battle against Ripple, investors have been on edge. The XRP community and other cryptocurrency investors are awaiting the rulings of two judicial bodies that will determine how this case will be resolved.
The U.S. Department of Justice (DoJ) has just filed court documents against Avraham Eisenberg that refer to two cryptocurrencies, CRV and MNGO, as commodities rather than securities. The DoJ’s legal team never refers to cryptocurrencies as a security or brings up violations of the securities laws.
Source: https://www.thecoinrepublic.com/2023/01/03/ripple-news-a-billion-xrp-tokens-reportedly-released-as-2023-enters/