Ripple (XRP) Continues to Show Bearish Sentiment this Weekend

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XRP Whale Transactions Continue to Increase Despite the Bearish Market
XRP Whale Transactions Continue to Increase Despite the Bearish Market

Ripple (XRP) continued to show signs of weakness in weekend trading, with most of its trading dropping below $0.80 in the last few days of trading after fluctuating within a range. At the time of writing, the trading price of XRP/USD is approximately $0.79.

Ripple Losses 5% of its Market Cap

In the past 24 hours, its value has fallen more than 5%, and the sell-off in the broader crypto market has also created a pessimistic sentiment for this digital asset. The market leader Bitcoin has also suffered enormous losses: The current transaction price is around 35,000 US dollars, which has fueled pessimism in the entire market.

Ripple’s XRP could also face additional downward pressure due to the apparent selling sentiment from whales. The latest data from Whale Alert shows that an unknown whale has transferred 50 million XRP tokens valued at more than $39 million from wallets to cryptocurrency exchanges, suggesting that possible upcoming sales could further increase selling pressure.

At the same time, several legal experts believe the U.S. Securities and Exchange Commission lawsuit against the company is weakening, and Ripple could mitigate it a bit. While it’s too early to make a call, supporters hope recent developments show the case is beneficial for Ripple; the SEC claims that XRP is a security, but it appears that it is receiving less support.

Important Levels to Focus on

Moving averages and MACD indicators suggest that the H4 price chart of XRP/USD has a bearish bias in the momentum. However, with momentum indicators flashing to buy, there seems to be a silver lining.

XRP/USD Chart. Source: TradingView

While the price is below the $0.88 pivot point, it was still able to stay above the immediate $0.78 support level. Breaking below this level could open the door to further weakness and fall below $0.70 and the next support level is near $0.68.