XRP’s Price Reaction Remains Muted Following SEC Decision
The bearish sentiment against XRP continues to grow, indicating a prolonged phase of potential price consolidation or decline.
Ripple’s Legal Win Fails to Spark XRP Rally
On March 19, the SEC dropped its appeal and lawsuit against Ripple Labs, concluding a five-year legal battle. While many expected this development to ignite a bullish rebound for XRP, its performance has been underwhelming.
Market sentiment leans heavily bearish, causing persistent price pressure. Notably, XRP whale accumulation has declined significantly. According to Santiment, whales holding 100 million to 1 billion XRP have offloaded a cumulative 20 million XRP, valued at about $50 million, since March 19.
This sell-off is part of a larger distribution trend and shows no signs of reversing, despite Ripple’s legal victory. Major XRP holders remain hesitant to accumulate once again.
Furthermore, the token’s declining weighted sentiment underscores the bearish pressure in the XRP market. At present, it appears set to dip below the center line at 0.052.
Weighted sentiment gauges an asset’s overall positive or negative perception from social media data. A shift into negative territory signals increased skepticism among XRP investors, leading to diminished trading activity and further price decline.
XRP at a Crossroad: Potential Moves to $2.61 or $1.47?
Trading at $2.39, XRP hovers above a critical support level at $2.13. Prolonged bearish sentiment could drive the price down to this support, with potential falls to $1.47 if bears maintain control.
Conversely, a resurgence of bullish sentiment could overturn this projection. If demand for XRP increases and profit-taking halts, the price may climb to $2.61.
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