XRP Fails to Rally Despite SEC Victory, Whales Sell 20 Million XRP

XRP, the cryptocurrency associated with Ripple, has shown a lackluster response following the US Securities and Exchange Commission's (SEC) decision to drop its lawsuit against Ripple Labs. Despite the significant legal victory, which ended a five-year-long battle, the price of XRP has failed to ignite a bullish rebound. Market participants remain overwhelmingly bearish on the altcoin, keeping its price under persistent pressure. This bearish sentiment is evident in the decline in XRP whale accumulation, with large holders offloading a cumulative 20 million XRP, worth approximately $50 million, since March 19. This sell-off is part of an ongoing distribution trend that began earlier this month and shows no signs of reversal even after the SEC’s decision. Despite Ripple’s legal victory, these major XRP holders have yet to regain confidence and resume accumulation.

Moreover, the token’s falling weighted sentiment reflects the bearish pressure in the XRP market. At press time, it is poised to break below the center line at 0.052. An asset’s weighted sentiment measures its overall positive or negative bias, considering both the volume of social media mentions and the sentiment expressed in those mentions. It is a bearish signal when it attempts to fall into the negative territory. This indicates that XRP investors are increasingly skeptical about the token’s near-term outlook, prompting them to trade less and worsening the token’s decline.

XRP is currently trading at $2.39, above the support floor at $2.13. If bearish sentiment lingers, the token could experience a pull toward this low. Should the bulls fail to defend this support, XRP’s price could fall further to $1.47. Conversely, a resurgence in bullish bias would invalidate this bearish projection. If XRP demand spikes and profit-taking stalls, its price could climb to $2.61. The lack of a significant price reaction to the legal victory suggests that market participants are cautious and waiting for further developments before committing to a bullish stance on XRP.