Wealthy investors are currently reducing their crypto holdings amid a relatively bearish trend as regards XRP, on price signal patterns that reveal a pending death cross (strong bearish sign) move with investors facing an aurora of negative news.
The death cross is a bearish signal that occurs when the 50-day moving average crosses below the 200-day moving average. Market pundits anticipate such a signal occurring this weekend at the pioneer crypto market.
Additionally, data retrieved from Whale Alert revealed that an unknown whale, a few hours ago moved 50,000,000 XRP worth about $39.3 million from an unknown wallet to the world’s largest crypto exchange, suggesting a sale was about to take place.
At the time of writing, XRP, the seventh most valuable crypto traded at $0.793546 on the FTX exchange with a daily trading volume of $2.6 billion and is down 5.65% for the day.
Present price patterns on the FTX exchange revealed the fast-growing crypto-asset had lost about two-thirds of its value since touching its multi-year high in mid-April, with a number of leading crypto exchanges including Coinbase restricting the trading of the crypto asset class on account of the SEC v. Ripple lawsuit.
Ripple is still battling an ongoing legal tussle with the Securities and Exchange Commission, with its top executives charged for offering unregistered securities to investors.
The bone of contention is that the financial regulator termed the crypto asset, ‘security,’ and it also revealed it gave the fintech start-up a fair notice that selling XRP would be deemed a security offering.
What you should know
Ripple’s XRP is often tagged as the “remittance network” and currency exchange that independent servers authenticate. The currency trading is known as XRP and transfer times are super-fast.
Ripple (XRP) plays dual roles as a payment platform and a currency. The platform is an open-source platform that was created to allow quick and cheap transactions.
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