XRP Price Stagnant After SEC Lawsuit Drop
XRP Price Stagnant After SEC Lawsuit Drop
The dismissal of the SEC's lawsuit against Ripple Labs on March 19th failed to spark the anticipated XRP price rally. Instead, bearish sentiment persists, raising questions about the altcoin's future trajectory.
Bearish Sentiment Weighs on XRP
Market participants remain largely bearish on XRP, putting downward pressure on its price. This negativity is reflected in several key indicators:
- Whale selling: Santiment data reveals that whales holding between 100 million and 1 billion XRP have sold approximately 20 million XRP ($50 million) since the lawsuit's dismissal. This continued distribution trend signals a lack of confidence among major holders.
- Falling weighted sentiment: XRP's weighted sentiment is nearing negative territory, indicating growing investor skepticism and potentially less trading activity, further contributing to price decline.
Source: Santiment
Source: Santiment
XRP Price Prediction: Bullish or Bearish?
Currently trading around $2.39, XRP is above its support level of $2.13. However, continued bearish pressure could push the price down towards $1.47. Conversely, a significant surge in demand could drive the price up to $2.61.
Source: TradingView
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Market conditions change rapidly. Conduct your own research before making any investment decisions.
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