Ripple Jumps 18% as Whales Buy the XRP Dip – Here’s the Next Coin to Watch
A brief period of whale activity has sent the price of Ripple’s XRP up 18% from a bottom of $0.438 on August 5 to its current price of $0.517.
According to data by CoinCodex, the token began to rise on Monday at 13:29 UTC, and over the course of the next twenty-four hours, it blew up 18% to its current price, around which it has held the fort at for the last 24 hours, a sign of growing stability and investors’ confidence in Ripple’s payments-focused cryptocurrency.
Dip buyers bundled in ahead of the United States SEC’s closed meeting on Thursday. Items on the agenda include various topics concerning settlement, which are likely to concern Ripple, as the XRP maker has been fending off an SEC lawsuit since December 2020 for allegedly selling XRP as an unlicensed security.
Ripple has shrugged off the worst of its legal troubles thanks to a landmark ruling in July 2023 by Judge Analisa Torres in a Securities and Exchange Commission (SEC) lawsuit.
Torres said sales of XRP to the public do not necessarily constitute securities sales. However, sales to institutions could constitute securities infractions under the Howey test.
XRP’s price performance was generally positive throughout July, but the market crash sent the token spiraling down at the start of August.
The brief crash is unlikely to have seriously hurt the cryptocurrency, though, as both support (green line) and resistance (red line) have steadily risen recently.
With a stable relative strength index (RSI) of 56, Ripple is one of the more stable cryptocurrencies today.
However, its seven-day losses of 21% are markedly heavier than Bitcoin’s ($BTC), which shed 13.5% over the period and currently sits at $56,891.
XRP is top ten market cap token that is listed on virtually
