Ripple’s Crypto Whales Don’t Buy: Could XRP Price Fall Further?

Ripple’s legal scandal against the SEC has moved in the crypto company’s favor, favoring XRP’s price action. In that case, why are Ripple’s whales so quiet?

of XRP exchange rate enjoyed a strong weekend along with the rest of the crypto market, BitcoinEthereum and several other major altcoins that showed positive signs on short-term charts.

However last week, the XRP asset price failed to deliver bullish results despite a victory for Ripple after the SEC was forced to file documents related to Bill Hinman.

On October 22, lawyer and XRP supporter James K. Filan revealed that the SEC had submitted for review proposed corrections to two drafts of Mr. Hinman in June 2018, in which he discussed the determinations pending before the SEC.

The SEC and Ripple were supposed to file public, redacted versions of the opposition reports on October 24.

Once the filings are made, we can expect better clarity on what to expect before the decisive court date, set for November 15. Another move in Ripple’s favor could contribute to a bullish momentum for the price, which seems to be lacking action at the moment.

Price action remains volatile

Regardless of the last judgment in favor of Ripple, the asset price is held below the psychological resistance barrier of $0.50. At the time of filing this article, XRP has registered an increase of only 0.52% in graph per hour, trading at $0.45.

Ripple’s crypto price had a mixed start to the week, rising to $0.47 but failing to hold above that level. Thus, the $0.47 mark acts as the next resistance for the asset, while the immediate support lies at the $0.45 level.

1-Day XRP/USDT Chart | TradingView

Although the price made a few moves to the upside, XRP’s daily RSI showed no obvious buying pressure. Furthermore, trading volumes have always remained low, underscoring little or no euphoria from individuals.

What’s happening on the crypto whale side of Ripple?

Ripple whales have become scarce recently, as seen by the small percentage of the total stablecoin supply held by crypto whales at over $5 million. Indeed, the percentage of the total stablecoin supply held by these whales has been declining for some time and is at particularly low levels, which can be worrying.

xrp ripple
Source: Sanbase

XRP development activity also followed a decline and marked the lowest level since September 14, which was a sign of a downtrend. Development activity is at its lowest level since July.

Renowned crypto analyst Il Capo predicted a drop to $0.14 for the XRP price.

For now, however, with the price at a crossroads, strong retail buying could push the price back on track. However, with the near-term outlook bearish, a pullback to the lower $0.40 support would not be a surprise.

If the aforementioned assumption is reversed and the bulls gain the upper hand, XRP may reach the next resistance, the important psychological threshold of $0.50.

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