After rallying more than 50 percent since July 8, Ripple Labs-backed XRP price dropped nearly 10 percent in the last 24 hours to trade around $0.5731 on Thursday, during early New York. Session. The large-cap altcoin, with a fully diluted valuation of about $57 billion and a daily average traded volume of around $4.4 billion, retested a major resistance level of about $0.633 before retracing. 

Rising XRP Whale Activity 

Today’s XRP price correction coincided with heightened XRPL’s whale activity. Earlier today, more than 24 million XRP, worth about $14 million, were transferred from the Binance crypto exchange to an unknown address.

Another whale transaction was observed earlier today involving 19 million XRP, worth about $10.9 million, from the Upbit crypto exchange to an unknown address.

A different whale transaction involving 23.1 million XRP, worth about $13.7 million, was transferred from the Binance crypto exchange to an unknown wallet. In total 14 similar transactions have been recorded on the XRPL network in the last two days.

Is Bull Run Over?

According to a popular crypto analyst alias Dark Defender, XRP price is currently undergoing a healthy correction after a notable pump in the past few days. The crypto analyst expects the XRP price to find a solid support level of around 49 cents before rebounding toward the midterm target of about 87 cents. 

From a technical standpoint, the XRP price must consistently close above the 50 and 200 Moving Averages (MA) in the near term to invalidate further correction. 

Bigger Picture

The XRP global community continues to anticipate a resolution in the ongoing lawsuit filed by the U.S. SEC against Ripple. With all indicators pointing to an inevitable settlement ahead, it is safe to assume that the XRP price is on the cusp of a major bullish uproar.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed