2024

Million

The post <a href="https://coinpedia.org/price-analysis/xrp-price-set-to-end-the-week-lower-as-investors-withdraw-profits-of-almost-370-million/" rel="noopener noreferrer nofollow">XRP Price Set to End the Week Lower as Investors Withdraw Profits of Almost $370 Million</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Ripple’s XRP has experienced a recent price dip, sliding to $0.62 on Friday. Despite this, the digital asset has managed to hold above the psychologically significant $0.60 level, demonstrating resilience in the face of profit-taking activities by holders.&nbsp;
As the cryptocurrency market fluctuates, a critical deadline looms in the ongoing SEC v. Ripple lawsuit, adding another layer of complexity to XRP’s trajectory.&nbsp;
<h2 class="wp-block-heading" id="h-impending-lawsuit-deadline-amp-profit-taking-activity-nbsp">Impending Lawsuit Deadline &amp; Profit-taking activity&nbsp;</h2>
The SEC had previously filed for a nine-day extension from March 13 to <a href="https://coinpedia.org/press-release/ripple-sec-legal-battle-intensifies-doge-inqubeta-go-parabolic/" rel="noopener noreferrer nofollow">March 22</a>, with impending remedies yet to be decided as the SEC needs to file its opening brief.&nbsp;
Meanwhile, the altcoin has witnessed heightened on-chain activity, marked by an increase in Active Addresses and Whale transactions valued at $100,000 and higher.
XRP holders have seized an estimated $370 million in profits within the past week, spanning the beginning of March 2024. On-chain data from Santiment reveals a consistent profit throughout March, coinciding with XRP’s ascent to a peak of $0.6685.&nbsp;
The altcoin’s ability to flip the $0.66 level from resistance to support could pave the way for a rally towards its December 2023 peak of $0.70.&nbsp;
Indicators such as the Moving Average Convergence/Divergence (MACD) and the Awesome Oscillator (AO) hint at a potential sweep of support at $0.57 before a recovery phase.
A critical determinant for the short-term trajectory lies in a daily candlestick close above the 78.6% Fibonacci retracement level at $0.62. Such a development could invalidate the thesis of a support sweep, opening the possibility for XRP to rally toward its December 2023 high.
In short, technical analysis suggests that XRP may encounter further downside, potentially testing the $0.57 level, representing the 50% Fibonacci retracement level of the rally to its 2024 high of $0.6685.&nbsp;

XRP Price Set to End the Week Lower as Investors Withdraw Profits of Almost $370 Million

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