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.
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