<ul>
 <li>With XRP falling below the $0.47 threshold, supply pressure is likely to build this week.</li>
 <li>If the price manages to cross above $0.45 level, then it will likely test $0.47 level.</li>
</ul>
In the last day, Ripple’s XRP has seen substantial whale activity. As <a href="https://thenewscrypto.com/xrp-poised-for-potential-rebound-as-ripple-ecosystem-grows/" target="_blank" rel="noopener noreferrer nofollow">Ripple</a> and the US SEC near the end of their legal fight, these movements have occurred at a crucial juncture. It also leads the community to believe that the XRP whales will be active again. A whale reportedly sent 37.39 million XRP tokens worth $16.06 million to the crypto exchange Bitstamp.
Penalties presently suggested at $102.6 million are at the heart of the continuing Ripple vs. <a href="https://thenewscrypto.com/court-expedites-consensys-vs-sec-case-accelerating-regulatory-clarification/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> action, which began in December 2020 and centers on alleged unregistered securities offers via XRP sales.
The intricacy of the case and the possibility of appeals might cause it to drag on, impacting the price of XRP, although predictions indicate a conclusion by July 31 with a possible $25 million penalty. The litigation might go on forever due to the intricate legal procedure and potential appeals from both parties. On the other hand, there are optimists who think the formal end may happen this month.
<h3 class="wp-block-heading" id="h-0-47-critical-level-broken">$0.47 Critical Level Broken</h3>
A huge sell-off in altcoins occurs after the dismal week in the cryptocurrency market. With an 11% drop last week, XRP price shattered the $0.47 critical level among the collapsing altcoins. With XRP falling below the $0.47 threshold, supply pressure is likely to build this week.
At the time of writing, XRP is trading at $0.4369, up 0.72% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 77.62%. If the price manages to cross above $0.45 level, then it will likely test $0.47 resistance level. However, if the price declines below $0.40 then it will likely fall all the way to test $0.34 support level.

XRP Price Faces Bear Dominance Amid Ongoing Legal Battle

Indice dei contenuti

TheNewsCrypto

Altri articoli pubblicati su 8 lug 2024

Japanese public firm Metaplanet buys another $2.5M of Bitcoin

Shiba Inu’s Burn Rate and Market Value Surge

Bitget Meetup in Croatia: An Event for Blockchain Enthusiasts and Web3 Professionals

Is EIP-7732 the Key to Unlocking Ethereum’s Full Potential? Developers Propose Validation Upgrade

Is Germany the Reason for the Decline in Bitcoin? Here is the Latest Data!

Chainlink Rises More Than 3% In 24 hours

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!