- XRP on whale alert as Ripple lawsuit ruling closes in.
- XRP forms a golden cross, signaling the arrival of bulls.
XRP price action displays bullish signals as whales cause splashes of 214 million XRP tokens regarding the Ripple lawsuit ruling. Crypto whales moved $107 million worth XRP tokens over the past 24 hours. Native crypto of Ripple, XRP observed a decline as the global digital saw a massive sell-off. The drop was amplified after the U.S. Financial regulators revealed fresh legal attacks on several crypto exchange platforms.
A sentimental mix can be sensed as the lawyer representing XRP holders in the lawsuit, targets a big fish. John E Deaton took to Twitter and criticized the statement made by the CEO of JP Morgan. The statement suggested governments seize private land to build wind and solar farms in order to meet net zero targets. The XRP attorney, in response to the statement, asked the government to seize assets of JP Morgan and its CEO. Active XRP lawyers and the peaked Ripple lawsuit caused drastic movements in XRP price.
The Pictorial
XRP price approaches a breakout from the pennant pattern. The price has made lower highs over the past few days. The volume shows buyers accumulating XRP in hopes of winning the case. The EMA ribbon forms a golden cross signaling bulls to arrive and form a rally. The breakout may soon occur, sending XRP price beyond fifty cents. The upward rising OBV suggests the market to be extremely favorable for Ripple. These bullish signals hint at a rally in the coming days.
The XRP price action makes the market display mixed signals. The CMF falls close to the baseline and suggests a declined uptrend before a dramatic spike in prices. The MACD converges and records descending buyer bars, indicating present selling pressure in the market. The RSI drops from the overbought zone to indicate declined buying at press time. The indicators contradict the bullish price action and display present bearish trends.
Conclusion
The XRP price action displays mixed signals with bullish prices and bearish indicators. The trading volume shows buyers but at press time the sellers cast a shadow over the bulls. The critical phase in the Ripple lawsuit and high whale transactions made XRP price move. The price can look for support near $0.4480 and retrace to form a bullish rally. The whales have caused splashes worth $107 million and the XRP lawyer targeted JP Morgan CEO. These occurrences can make XRP highly volatile and show drastic price actions.
Technical levels
Support levels: $0.4480 and $0.4090
Resistance levels: $0.5435 and $0.6045
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/04/06/xrp-price-predictionwhales-lawsuit-ruling-formed-golden-cross/