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Why XRP Is Going Down Today: Understanding the Sudden Price Decline
XRP has dropped by 6.09% in the last 24 hours, currently trading at $2.22. Even though trading volume increased by 10.72% to $3.56 billion, this decline still occurred. Investors are asking why it is going down today, as they try to understand the factors behind the drop.
Several factors affect the price. Trust was not bolstered by the recent court decision against Ripple. Big investors, or whales, have not intervened. Technical indicators also show weaknesses. Despite some traders’ optimism, the future of this coin remains uncertain.
XRP Price Drops 6.09%: What’s Behind the Decline?
Over the past day, its price has decreased by 6.09%. With a 10.72% increase in trading volume to $3.56 billion, it is currently trading at $2.22. Investors are alarmed by this steep drop.
Source: CoinMarketCap
Ripple’s Legal Move Disappoints
The recent decision by Ripple to drop its cross-appeal in the Ripple-SEC lawsuit is one of the main causes of the drop. Ripple declared that it would withdraw its appeal against the SEC in the United States.
For violating securities laws about institutional sales, Ripple was initially fined $125 million. However, the fine was reduced to $50 million, and Ripple was given a $75 million refund after the appeal was denied. Despite the conclusion of a four-year legal battle, XRP’s price remained unchanged. The market didn’t react as strongly as investors had hoped.
Source: X post
Whales Are Not Buying
Big investors, called whales, are not buying this token. This is one reason why coin is Going Down. Data shows that whales holding 1 to 10 million tokens have not been active for a week. They currently hold roughly 5.82 billion tokens, but they are not taking any significant action.
The price typically increases when whales purchase. However, selling pressure is taking over because they are remaining silent. its recovery is becoming more difficult as a result.
Technical Analysis: Important Levels to Monitor
It needs to stay above $2.20 in order to stop further drops. If it can hold this level, it could go back to $2.32 or even $2.36. However, if it falls below $2.20, the next support is at $2.00.The price might drop even further to $1.75 or less.
The RSI and MACD indicators are being closely watched by traders. The outlook is still unclear, but a positive trend in these indicators might indicate a recovery.
Will XRP Bounce Back?
One exciting development is Ripple’s new partnership with Chipper Cash. Chipper Cash is a payment platform that helps people send money across Africa. By working with Ripple, it can now support faster and cheaper international payments. This could increase the use of this coin and help its price in the future. But now, despite the good news, XRP is still falling in price.
It is struggling to rise, but some traders remain hopeful. Analyst Peter Brandt sees a pattern in the charts. If the coin moves above $3.00, a big rally could happen. But if the pattern reverses, the price may drop to $1.97.
Many reasons are causing the price drop. Big investors (whales) are not buying much. Technical indicators show a downward trend. However, some positive signs exist. Gemini now offers XRP rewards, and more institutions are using the coin. These factors could help XRP recover. If it bounces back, the price may rise above $3.00.
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