Over the past few days, Ripple-backed XRP has been teetering on the edge of its last support level, hovering around 40 cents. During the early New York session on Thursday, it was trading at approximately $0.483. This short-term market uncertainty has continued to drive investors away. Nonetheless, the company’s top executives have repeatedly emphasized their determination to battle the United States SEC until justice is served.
On Wednesday, a United States federal judge granted approval for FTX’s proposal to liquidate its digital assets in order to repay distressed creditors. Notably, FTX is expected to release approximately $50 million worth of assets into the secondary market this week, followed by $100 million next week, with the option to scale up to $200 million per week. Given that FTX holds XRPs valued at about $119 million, on-chain data indicates that crypto whales have started preparing for a possible capitulation.
According to data provided by whale alerts, a crypto whale transferred more than $15 million worth of XRPs to Bitstamp on Wednesday. Significantly, a similar transaction had been observed the day before, suggesting that more whales are offloading XRP in anticipation of a capitulation.
The XRPL network continues to enhance its capabilities to ensure greater decentralization amidst the ongoing SEC vs. Ripple legal battle. In the latest development, the XRP Ledger has released version 1.12.0, which enables community voting for new amendments. Additionally, the XRP Ledger is actively working to provide scalable and sustainable smart contracts to facilitate mainstream adoption.
In the short term, XRP’s price needs to reclaim the support/resistance level at around 53 cents to establish a bullish sentiment in the coming weeks. Otherwise, XRP’s price appears to be gradually descending towards the lower boundary of a macro-symmetrical triangle.
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