How are the controversial top 10 coins dealing with more confusion and conflict as the cryptocurrency market has been shaken by a recent bearish attack? XRP previously produced green candles, but on May 11th, red candles started taking shape. Can XRP beat odds? Or is it doomed to sink with the rest?
At the time of reporting, XRP was the 6th largest cryptocurrency by market cap. $0.506 After falling 2.46% last week, it has lost 18.36% of its value last week. These seem like big losses, but given Terra’s fate, [LUNA] The decline of XRP, which lost 92.85% of its value over the past day, seems to have twisted the ankle.
So, while the price of XRP may fall, one indicator soared at press time. This is XRP trading volume, which peaked at around $3.29 billion before press time. These volumes were last recorded around March 12, 2022, when the price of XRP spiked briefly. But in this case, are the big investors buying the decline and expecting a smaller rally?
The indicator clearly supports this, as Santiment data showed whale trades over $100,000 surged to over 1,000 by press time. The last time this number was crossed was February 8, 2022.
Whale alerts were also sounding for XRP as prices plummeted across the cryptocurrency market. However, investors should note that smaller but more frequent amounts of XRP roam the ecosystem, rather than a handful of huge amounts of XRP moving between exchanges and wallets.
One transaction involved 50 million XRP moving from Ripple to an unknown wallet.
A bear grinding its teeth?
However, despite some bullish indicators, the Bollinger Bands have made it clear that XRP is under heavy selling pressure. This is evident when the recent candle broke through the lower band, indicating that the asset may be oversold.
But could a bullish resurgence be on the horizon? Awesome Oscillator [AO] They didn’t seem to agree, because at press time a tall red bar was flashing below the 0 line.
Back to regular programming
Investors observing the market should remember to mark the calendar as the SEC’s lawsuit against Ripple continues into the second quarter of 2022. According to attorney James K. Filan, he expected more discussions on the document next week. The SEC claimed it was protected by privilege.
#XRP community #SECGov V. #ripple #XRP Quick schedule updates. Ripple Defendants’ response to the SEC’s briefing that Hinman documents are protected by attorney-client privilege is due by Friday, May 13th. The SEC’s response to Ripple Defendants’ response is May 18th.
— James K. Filan 🇺🇸🇮🇪96k+ (beware of scammers) (@FilanLaw) May 8, 2022