As the Ripple-SEC legal fight escalates, several technical indications indicate a "sell signal" for XRP.
XRP surpassed BUSD in market worth and legal ambiguity. XRP whales and shark addresses owning 1 million to 10 million tokens reached an all-time high. After strong whale activity.
XRP, Ripple's cross-border settlement cryptocurrency, has recently been on a short-term relief rally after having a completely unpredictable year. The price of XRP has responded fervently to the most recent developments in the courtroom since the Securities and Exchange Commission (SEC) vs. Ripple case began in December 2020. In anticipation of the lawsuit's verdict, the cryptocurrency is currently consolidating around the $0.35 mark.
The price of XRP, however, may see a halt in its surge as a result of several technical signs, according to cryptocurrency specialist Ali Martinez, who uses the Twitter handle @ali charts. The TD (Tom Denmark) Sequential, a useful tool for determining the precise moment of trend exhaustion and price reversal, is showing a strong "sell signal," according to Ali, on the four-hour price chart for XRP
Additionally, he noted that due to the development of a bearish divergence against the Relative Strength Index, investors can anticipate a bearish pattern for XRP, the sixth-largest cryptocurrency (RSI).
In actuality, despite recent price gains, the outcome of the ongoing litigation between Ripple and the SEC will largely decide the fundamental value of XRP. Following the conclusion of the final submissions made by both parties to the case, the regulator filed a move to seal specific documents, which has caused the lawsuit to heat up.
Famous cryptocurrency analysts predict significant price growth for XRP in the event that the legal case is successfully settled. January Walker, a politician and congressional candidate in the US, recently emphasised the significance of the prospect that Ripple could outwit the SEC in the ongoing conflict.
In addition to the legal ambiguity, XRP just flipped BUSD to take over sixth place in terms of market valuation. The number of XRP whales and shark addresses holding 1 million to 10 million tokens just reached a new all-time high. This comes after intense whale activity was seen.
At the time of writing, according to CoinGabbar, the price of XRP is trading at about $0.3689, up 0.18% over the previous hour and a stunning 7% over the previous week.