Investing.com – Among the top 20 cryptocurrencies, the is one of the few coins to have lost significantly less than 30% of its value in the past seven days.
One of the reasons is that whales are not willing to sell XRP at the current favorable terms. This is also reflected in the WhaleAlert data. These show that more than 335 million XRP was withdrawn from exchanges over the weekend to be transferred to anonymous wallets.
Besides Bitfinex, Bittrex, Crypto.com and Nexo were among the exchanges affected.
Binance’s smart chain also appears to be a popular drop-off point for XRP holders. According to WhaleStats, Ripple is among the top 10 most popular assets held by the top 2000 BNB whales. The top 100 of them hold an average of 466,000 XRP.
For Ripple, this week could be decisive regarding the legal proceedings with the SEC. All parties involved are awaiting a court ruling on whether a speech by former SEC Chairman Mr. Hinman should be disclosed and be part of the proceedings.
The SEC has already tried to prevent the publication of this speech, in which Hinman said that the and are not securities, by filing six motions. In its latest motion, the authority cited the fact that the documents in the context of the 2018 speech are covered by attorney-client privilege.
If the court does not follow this argument, it is to be expected that the SEC will relent and that an advance agreement will be reached.
Ripple price technical benchmarks
Ripple has broken its previous cyclical low of $0.3366 and a test of the psychological threshold of $0.30 seems imminent.
In the event of a daily close below this level, expect an extension of losses towards the 123.6 percent Fibo expansion of $0.2610.
Only a daily close above the previous low would signal that the recent bout of weakness has been avoided for now. Then, a recovery may take place towards the lower boundary of the range, which is in the area of 0.3760. Beyond that, the next resistance is at the 23.6% Fibo retracement at $0.4121.
By Marco Oehrl