Ripple’s altcoin unit XRP, which achieved a concrete interim victory in the SEC case in recent months, suddenly doubled its value. Ripple, which attracted the attention of cryptocurrency investors after a long time, became the most profitable major altcoin of its period. However, today we have witnessed that this rise is not permanent.
Long-term investing XRP lovers are wondering when they will throw rocket emojis again. In this news, we will examine the XRP price and technical outlook by touching on the latest developments about Ripple.
Social Interest Decreased!
Google Trends data is of great importance in examining how popular cryptocurrencies are. This situation did not last long for XRP, which was frequently searched on search engines with the decision announced by Judge Analisa Torres in the SEC case.
According to the Google Trends index, the keyword “XRP” reached its peak with 100 points between July 9-15. After this period, the search index moved downwards continuously. Google’s interest metric, which is expressed as a value between 0-100, is currently at 21 points.
Platforms that analyze on-chain metrics also confirm the decline in interest measured by search engines. According to Santiment’s data, investor sentiment around Ripple has fallen to its lowest level in the last 4 weeks. Experts stated that this situation occurred because the SEC appealed.
Small Whales Sell, Big Whales Buy XRP!
Market data shared by Santiment also reveals the pressure on the altcoin unit. According to on-chain metrics, wallets holding between 100 thousand and 1 million XRP have sold in recent weeks.
While investors, who were smaller than others, sold, whales, especially those who owned between 10 and 100 million XRP, bought. In a scenario where the investor group in question did not resist the sale, the cryptocurrency could fall even further.
XRP Price
Ripple’s native altcoin has today lost all of the value it gained following the SEC decision.
The popular cryptocurrency experienced a persistent decline, especially after losing the $0.558 support. According to the daily period, the next support level for the altcoin, $0.416, is of great importance. If closings occur below this figure, sales may continue up to $0.353.
If Ripple passes the old support and new resistance at $0.558, investors can look up again.