- Ripple’s XRP has offered a massive profit-taking opportunity after losing over 20 percent of its value in the last 7 days.
- Ripple suffered a major setback after Judge Torres granted the SEC permission to appeal the judge’s decision on programmatic sales and “other distributions.”
Ripple’s XRP has entered into a short-term bearish trend that has seen it lose nearly 14 percent in the last 24 hours. On the weekly chart, the digital asset has lost more than 20 percent of its value. At the time of press, XRP is clinging onto the $0.50 support with a slip below this likely to lead to further losses and a retest of major support in the $0.45 zone.
One of the key drivers of the recent drop is the recent grant by Judge Torres for the SEC to possibly appeal the “interlocutory appeal” motion in the Ripple case. As CNF reported, the legal rollercoaster began when the SEC announced its intention to appeal, a move they hinted at earlier in July. Following the permission granted by Judge Torres, the SEC has been given a deadline of Friday to file the motion for this appeal. Ripple will then have until September 1 to respond, with the SEC given a reply window until September 8.
The SEC’s recent move indicates that the case is far from over and could prolong for much further. Regardless, many still expect Ripple to ultimately win.
Is it Time to Bag XRP?
Baron Rothschild, of the famous banking dynasty, once stated that the best time to buy was “when there is blood in the streets.” Crypto whales and institutional investors have perfected this art to develop wealth and none is better at it than Michael Saylor who is famous for bagging huge amounts of crypto assets when the market is red and a majority of investors are dumping.
One of the easiest ways for retail investors to profit from the market is to watch where the smart money is going. This means following the trend of large investors, buying when they buy and selling when they sell.
Data shows that although XRP is down by 13 percent at the time of press, trading volume is up by over 100 percent. Market intelligence platform recently identified XRP as one of a number of altcoins that has witnessed increased activity from whales as they look to capitalize on the discounted prices.
🐳 As the crowd feels the pain, there are several assets seeing an increase in whale activity. As they attempt to capitalize on the discounted prices, read about the four projects we’re seeing some notable activity rises: $SHIB, $XRP, $SAND, & $CAKE https://t.co/SnuKebg7h1 pic.twitter.com/VWKlH95yU0
— Santiment (@santimentfeed) August 17, 2023
This suggests that XRP is likely to bounce back up once the ‘weak hands’ are shaken out, leaving the so-called ‘diamond hands’ and large investors. On the higher end, investors can expect major resistance levels from $0.520, $0.550, and $0.585. Ultimately, analysts expect XRP to break above $1.0 once the Ripple case is concluded.
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