The price of the native token of the Ripple project has been holding just below $0.49 for the third week in a row.
As many crypto enthusiasts predicted, Ripple’s legal battle with the US Securities and Exchange Commission was not completed in the first half of 2023. Due to the looming uncertainty, the price of XRP has been in the $0.47-0.49 range for almost three weeks in a row, with whales and retail investors taking opposite positions.
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Ripple whales hope for growth
Against the backdrop of apparent price stagnation, a large group of institutional investors have taken bullish positions this month.
In the chart below Saintly It can be seen that since the beginning of July, addresses with balances from 1 million to 100 million coins have replenished wallets with another 170 million XRP worth about $80 million.
Source: Saintly
Under normal circumstances, such a large influx of funds within 10 days is enough to cause a significant price jump. However, on-chain data suggests that retail market participants currently have other plans.
Retail investors are losing interest in XRP
According to the data Saintlythe decrease in the number of daily active addresses naturally led to a drop in the total volume of transactions registered in the Ripple network.
Source: centimeter
Since the beginning of July, the total number of users making transactions has decreased by 50%, and the total volume of transactions over the same period has fallen by 92%. This indicates that retail investors are losing interest in XRP and are switching to other assets. If the trend continues, the price of the asset will continue to move in the same range.
Ripple is unlikely to overcome resistance
Considering the above factors, the price of Ripple is unlikely to overcome the resistance at $0.50 in the coming days. This prediction is supported by the MVRV readings, which show that most XRP holders are currently losing 3%. Historical data suggests that many of them will sell tokens as soon as they break even.
However, if the bulls hold out, the asset price could rise to $0.52.
Source: Saintly
In the event of a drop below $0.45, the initiative will shift to the bears, who are likely to push XRP towards $0.40.
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2023-07-10 18:16:00
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