Ripple’s Legal Victory: XRP Stagnates, Whales Sell Off

XRP showed subdued market performance after Ripple scored a significant victory in its legal battle against the U.S. Securities and Exchange Commission (SEC), signaling that investors maintain a negative outlook.

Investors had expected the SEC's withdrawal of its lawsuit against Ripple to trigger a price rally, but the market did not react positively.

Ripple Fails To Launch XRP After Legal Victory

Data analysis reveals a worrying trend: market whales are currently selling off their substantial holdings in XRP. According to Santiment, major XRP holders with portfolios between 100 million and 1 billion tokens have sold 20 million XRP since the SEC announcement on 19 March. Large investors liquidated XRPs worth $50 million, reflecting declining confidence from major market players.

The token's weighted sentiment score continues to decline towards negative values. The metric measuring positive or negative bias in social media conversations indicates growing scepticism about the immediate future of XRP. Persistent negative sentiment among traders could lead to lower transaction volumes, exacerbating the downward trend in XRP's market value.

Currently, the XRP token hovers around $2.39, remaining slightly above the crucial support threshold of $2.13. Analysts predict a possible drop to $1.47 if the downward trend persists. Should bullish forces regain strength, however, they could push the price of XRP up to $2.61.

Ripple's legal success and XRP's market performance raises questions.

Market analysts are closely monitoring XRP's price fluctuations as it goes through this uncertain phase. XRP's ability to hold above established support levels will be a decisive factor in its future price direction. A further decline below these levels could indicate a prolonged phase of market consolidation or an extended downtrend. Given the inherent volatility of the cryptocurrency market, the impact of future events on the value of XRP remains to be determined.