XRP has been correcting as the SEC case drags
Whales have been accumulating the cryptocurrency
XRP could continue sliding to find support at $0.30
Ripple (XRP/USD) enthusiasts have been anxious for the past weeks. As investors awaited a possible hint of the SEC decision, the XRP price stalled. Perhaps it underlined a wait-and-see attitude, as the case can go either way, anyway. However, as the events dragged on, XRP lost ground. It is not the worst performer, though. Trading at just $0.34 as of press time, the cryptocurrency was looking likely to head lower. But there is some encouraging& cryptocurrency news.
According to Santiment data, XRP whales are taking advantage of the recent decline to scoop more tokens. In December, whales holding between 1 million and 10 million of XRP rose to 1,617. The percentage of supply for the XRP addresses is now at 7.23%, a record high.
The increased whale activity signals that big investors still have hopes about the XRP price. They bank on the expectation that Ripple will win the case against the SEC, boosting the cryptocurrency price. That is seen in the price action of XRP since the token has yet to make significant declines amid a bear market.
XRP price outlook and analysis
The technical outlook shows XRP is bearish. The price lost an opportunity to break out at $0.4 before coming under the bear pressure. The MACD indicator shows that momentum is weakening fast for XRP. The next support for the cryptocurrency lies at $0.30.
What to do with XRP?
Despite being bearish, XRP has been one of the most stable& cryptocurrencies. The current decline is better said to be a correction rather than a bear market. It should, however, be noted that the long-term momentum is bearish for XRP.
For XRP buyers, it is important to monitor fundamentals around the case with the SEC. In the meantime, the support around $0.30 should be watched if the correction continues. A break below the level could make XRP more bearish.
Where to buy XRP
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
The post XRP fails to mount a comeback despite whale accumulation. Here is the next target appeared first on CoinJournal.
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments