InstaForex

July 7, 2021

Is This Good Or Bad News To XRP?

 The development of the XRP cryptocurrency continues to be awaited by hardcore XRP investors who are still awaiting the final decision on the suit hearing by the Securities and Exchange Commission (SEC).


In addition, there are rumors that the trial case between Ripple and the SEC may continue even longer even though it was previously said to end in August.


Most recently, there was one XRP transaction of 291,570,224 XRPs transferred from the Jed McCaleb Settlement to the wallet belonging to former Ripple CEO Jed McCaleb as shared on the Twitter tweet Whale Alert.


🚨 🚨 291,570,224 #XRP (192,347,323 USD) transferred from Jed McCaleb Settlement to Jed McCaleb wallethttps: //t.co/qISRUdO7KJ


- Whale Alert (@whale_alert) July 6, 2021


Investors continue to wonder whether Jed McCaleb is going to sell it as well and where is presumably the next direction of movement for this XRP?


This is because almost every day there are XRP sales transactions done by Jed McCaleb and even though he always sells XRPs on a daily basis, Jed McCaleb still has 641,127,096 XRPs in his wallet.



Looking at the XRP/USDT chart, the XRP price movement is seen to have managed to make a jump of more than 20% at the end of June to re -test the SBR (support become resistance) level around $ 0.70.


If XRP continues to show a surge, the next SBR zone of $ 0.80- $ 0.85 will be the focus level to test and will likely provide a benchmark for XRP to surge aggressively.


A higher rise is seen heading towards the SBR level of $ 0.93 before expectations to re -test the $ 1 level and maintain a clearer uptrend.


But on the other hand, if the XRP declines again, the support level around $ 0.55 will be retested and will remain the main zone to assess whether to support the price surge again or continue to decline.


If the downtrend continues, the price is expected to break the $ 0.55 support level to head to the next resistance level around $ 0.42- $ 0.48.


As of 11.30am local time, the XRP price jumped around 1% and was to trade at a price level of around $ 0.66.