XRP Whale Dumps 31M Coins As Ripple Lawsuit Nears Major Decision

XRP Whale Dumps 31M Coins As Ripple Lawsuit Nears Major Decision

XRP Whale Dumps 31 Million CoinsGrayscale Receives Acknowledgment from US SECXRP Price Struggles Near Support Level

XRPs price has been trading near a crucial support level around $0.50, and the recent whale movement adds to concerns over potential volatility. Technical analysis shows that XRP has formed an inverse head-and-shoulders pattern on the 4-hour chart, which is generally seen as a bullish reversal signal.

If the Ripple token price can hold above the $0.50 support and break above the neckline around $0.58, it could indicate a trend reversal.

However, the Chaikin Money Flow (CMF) indicator is currently at a neutral level, suggesting limited buying pressure. The Relative Strength Index (RSI) is also hovering near the oversold region, which implies the asset has been under downward pressure recently. For XRP to experience a sustained recovery, increased buying interest will be necessary, especially given the ongoing legal uncertainty and whale activity.

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