Will the price of XRP drop?


Ripple vs. SEC Legal Drama Shifting in Ripple’s Favor, Aiding XRP Price Action, So Why Are Ripple Whales So Quiet?

XRP price enjoyed a bullish weekend along with the rest of the crypto market, with Bitcoin, Ethereum and some other top altcoins showing positive signs on the short-term charts.

Yet last week, the XRP price failed to produce any bullish results despite Ripple winning as the SEC was forced to hand over Bill Hinman documents.

On October 22, attorney and XRP enthusiast James K. Fillon disclosed that the SEC had submitted proposed amendments to review two drafts of Hinman’s June 2018 speech while discussing the determinations pending before the SEC.

The SEC and Ripple are due to file public, revised versions of the opposition brief on October 24.

Once the filing is done, one can expect better clarity on what to expect before the crucial November 15 court date. Another decision in Ripple’s favor could further aid the bullish price momentum, which appears to be missing in action at press time.

XRP price action still staggering

Despite the recent ruling in favor of Ripple, the price remained well below the psychological resistance level of $0.50. At press time, the XRP price is trading up just 0.52% on the hourly chart, trading at $0.45.

XRP price started a new week mixed, with the price rising to $0.47 but failing to stay above that level. The $0.47 mark acts as the next resistance for XRP price, while immediate support lies at the $0.45 mark.

XRP/USDT 1-Day Chart | trading view

The daily RSI for XRP did not show any significant buying pressure even though the price made some upward moves. Furthermore, trading volume remains at a low level, highlighting at-least retail enthusiasm.

What happened to the ripple whale?

Ripple whales have disappeared in action of late, as seen by whales with more than $5 million in a low percentage of the total supply of stablecoins. The percentage of the total supply of stablecoins held by whales with more than $5 million has been running low for quite some time and is at a worryingly low level.

Source: SanBase

XRP growth activity has also subsided and turned lower since September 14th, which was a bearish trend. Growth activity is at its lowest level since July.

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

For now, however, with XRP price at a crossroads, some strong retail buying could put the price action back on track. However, with larger short-term positions turning bearish, a pullback to the lower support at $0.40 will not come as a surprise.

In case the above thesis becomes invalid, XRP price could push to the next resistance at the psychologically important $0.50 mark, in case the bulls take over.

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