XRP Price Rebounds Amidst Ripple Lawsuit Update and Whale Activity

The XRP market is experiencing a flurry of activity, with price recovery, ongoing legal battles, and intriguing whale movements grabbing

Written by: Arslan Butt • Friday, March 22, 2024 • 1 min read

• Last updated: Friday, March 22, 2024

XRP Price Rebounds Amidst Ripple Lawsuit Update and Whale Activity

The XRP market is experiencing a flurry of activity, with price recovery, ongoing legal battles, and intriguing whale movements grabbing investor attention.

Ripple vs. SEC Lawsuit Update

The long-awaited SEC’s preliminary settlement propositions remain confidential, but a response from Ripple is expected by April 22nd. A surprising development emerged with Ripple CEOs Brad Garlinghouse and Stuart Alderoty expressing support for Ethereum while the SEC investigates it as a security. This defies expectations considering past tensions between Ripple and Ethereum.

Whale Activity Signals Mixed Sentiment

Blockchain data reveals three significant XRP transactions totaling 75 million tokens. Two transactions involve a known whale moving XRP to centralized exchanges (CEXs), potentially indicating selling pressure. However, another unknown address accumulated XRP from Upbit, a CEX, suggesting some whales are still bullish.

XRP Market Cap Soars

XRP’s market capitalization witnessed a significant 24-hour increase of $3.2 billion, reaching an impressive $34.55 billion.

This surge places XRP as the sixth-largest digital asset by market cap, solidifying its position within the cryptocurrency domain. The market cap increase coincides with a 6% price rise for XRP, currently trading around $0.63.

XRP Price Action

XRP price surged past $0.60, aiming to reclaim its position above $0.65 resistance. The ultimate goal is to revisit the March 11th peak of $0.7440, but resistance levels between $0.70 and $0.74 pose challenges.

Despite negative signals from the MACD indicator, investor demand seems to be fueling the rebound. Should the trend reverse, support levels at $0.6057 and $0.5681 could come into play.