Ripple traders took over $111 million in profits on their XRP holdings between July 12 and 18, per S
Ripple (XRP) traders are consistently taking profits on their holdings, following the recent surge in the altcoin‘s price. XRPLedger’s native token noted its highest ever weekly gain pushing XRP to a peak of $0.6378 on July 17.
However, XRP has erased recent gains and remains under selling pressure from the profit-taking activities of traders. XRP trades at $0.58, hovering close to key psychological support. The US Securities and Exchange Commission (SEC) vs. Ripple lawsuit drags on, with no sign of settlement or end in the near future.
Daily Digest Market Movers: Ripple traders take profits, push XRP lower
XRP Network Realized Profit/Loss, Active Addresses
Technical analysis: XRP erases over 7% value in a day
Ripple is currently in an uptrend, forming higher highs and higher lows. At the time of writing, XRP trades at $0.5822. XRP erased over 7% of its value on the day, however the momentum indicator Moving Average Convergence Divergence (MACD) shows that there is underlying positive strength in Ripples price trend.
XRP could extend gains by 14.42% and revisit $0.6666, the 78.6% Fibonacci retracement of the decline between March 12 top of $0.7440 and July 5 bottom of $0.3823.
XRP/USDT daily chart
If XRP sees a daily candlestick close below $0.5632, the 50% Fibonacci retracement level of the same decline, it could invalidate the bullish thesis, and result in a drop to support at $0.5205 (38.2% Fibonacci retracement level).
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