XRP Price Decline and Whale Movement
Following Judge Analisa Torres’ summary judgement that XRP isn’t a security, XRP (XRP) has been struggling to maintain its upward momentum, resulting in investors selling off their holdings. A crypto whale has added to this trend by transferring 29 million XRP, valued at $15 million, to a crypto exchange. This coincides with the price decline nearing the support level.
Whale Alert reported that the large holder moved 29.3 million XRP worth $15.13 million to Bitstamp. It is possible that the whale is selling their XRP assets, as they had previously moved 14 million XRP to Bitso just a few hours earlier.
The interlocutory appeal by the U.S. SEC concerning XRP token sales had a negative effect on the market, causing the XRP price to fall below the support levels of $0.6 and $0.5.
Currently, XRP’s price is recovering from the support level at $0.5, but there is still the risk of a further drop if traders and whales decide to liquidate their crypto web 3.0 holdings.
The dispute between Ripple and the SEC is expected to take place at the end of April or mid-May, as evidenced by the court notices from both the SEC and Ripple Labs, as well as CEO Brad Garlinghouse and executive chairman Chris Larsen, who stated their unavailability in the second quarter of 2024. This information prompted a rebound in XRP’s price; however, the bullish sentiment was not sustained.
In the past 24 hours, the value of XRP has dropped by more than 3% and is currently trading at $0.51. The price has fluctuated between $0.510 and $0.528 during this period, and the trading volume has also decreased.
The concept of Web 3.0, often referred to as the “Crypto Web 3.0”, is gaining traction in the crypto space. It is important to understand the difference between Web 1.0, Web 2.0, Web 3.0, and Web 4.0, as well as the distinction between Metaverse and Web 3.0. Moreover, there are a number of crypto Web 3.0 projects and coins, and Chris Dixon has given his insights on the potential of Web 3.0.
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