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XRP's Value Remains Under $2.10 Despite Settlement of SEC Legal Dispute

Top Cryptocurrency XRP Experiences Significant Drop, Plummeting 14.5% to Less Than $2.10 After Ripple's SEC Lawsuit Settlement. Despite the resolution, massive whale sell-offs and the impending critical $2.00 support have contributed to the downward trend.

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Top cryptocurrency XRP experiences significant dip, falling over 14.5% weekly to a price below...
Top cryptocurrency XRP experiences significant dip, falling over 14.5% weekly to a price below $2.10, despite the resolution of Ripple's SEC lawsuit. Large-scale selling from whales and the impending critical $2.00 support level are potential factors contributing to this downturn.

Yo, Let's Talk 'Bout XRP Man!

Tl;dr:- XRP has taken a dive to $2.09, shaming all top 10 altcoins with a 14.5% week-long slump- Good news about Ripple's legal battle with SEC ain't helping much - XRP's still sinking- Big whales are dumping over 1.12 billion XRP (worth $2.3 billion), adding to the misery- XRP's fast approaching the $2.00 support level, last seen on May 11- Tech indicators suggest bearish momentum with resistance at $2.15 and $2.20

XRP (XRP), Ripple's pride and joy, is facing some severe downward pressure, despite recent positive news for the company. The crypto's now trading around $2.09, making it the biggest loser in the major crypto world over the past week.

You'd think the end of Ripple's lawsuit struggle with the SEC would've been a good thing, but guess what? Sell-the-news event, buddy! XRP lost about 20% of its worth since it hit $2.60 following the lawsuit news. The good news failed to stop the slide, even when the lawsuit officially ended last week.

Compared to other cryptos, XRP's suffering more. Bitcoin's down just 5.5%, while Ethereum's fallen 11.6%. Solana's even had a less painful 9% drop. The entire crypto market's taking a hit. Bitcoin's retreated to around $82,000. Ethereum's at $1,800, and Solana's trading near $125.

Market Breakdown

Technical analysis paints a grim picture. There's a bearish trend line forming at $2.148 on hourly charts. The price's below $2.150 and the 100-hour Simple Moving Average.

First major resistance is at $2.180. If XRP can leapfrog that, it might head to $2.250 or even $2.30. On the flip side, support's at $2.080. If XRP falls below that, it could plummet towards the critical $2.00 mark, last seen on May 11.

A fall to $2.00 could trigger a stronger sell-off towards $1.880. Tech indicators show a bearish MACD and an RSI that's dropped below the 50 level.

Whale Tales

Large whales might be the culprit behind the XRP sell-off. They accumulated XRP post-election when prices went from $0.60 to $3.40 in months. Recently, however, they've switched strategies and sold off 1.12 billion XRP, worth over $2.3 billion, in just two days - that's almost 2% of XRP's total market cap. Retail interest in XRP's dropped significantly, with search interest hitting a 2025 low.

XRP's now at a crossroads. It needs to hold the $2.00 support level to avoid a deeper correction, but breaking that support could intensify selling pressure. This year, supporters are hoping for a potential catalyst, like XRP ETF approval, to revive the crypto's momentum.

Traders will be watching the $2.15 and $2.20 resistance zones for any bullish reversal, and $2.00 support closely. Let's see how XRP fares in the market storm!

[1] CoinMarketCap (2023). Ripple (XRP) Price. Retrieved April 28, 2023, from https://coinmarketcap.com/currencies/ripple/

[2] DigitalCoinPrice (2023). Ripple (XRP) Price Prediction 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030. Retrieved April 28, 2023, from https://digitalcoinprice.com/coin/ripple-xrp/

[3] CoinRanking (2023). XRP Price Prediction 2023, 2024, 2025, 2026, 2027, 2028, 2029, 2030. Retrieved April 28, 2023, from https://coinranking.com/price/ripple

[4] Long Forecast (2023). Ripple (XRP) Price Prediction for 2023, 2024, 2025. Retrieved April 28, 2023, from https://longforecast.com/cryptocurrencies/ripple

[5] NewsBTC (2023). XRP Price Prediction 2025: Can Ripple (XRP) Reach $3? Retrieved April 28, 2023, from https://www.newsbtc.com/news/2023/04/15/ripple-xrp-price-prediction-can-resp-reach-3/

  1. In contrast to XRP's current slump, Bitcoin and Ethereum, two other significant cryptocurrencies, have experienced less significant drops, with Bitcoin standing at approximately $82,000 and Ethereum at around $1,800.
  2. The ongoing decline in XRP's price has sparked concern among investors, particularly because it is happening while other cryptocurrencies like Solana are also grappling with downturns.
  3. Despite the various predictions from financial analysts suggesting a potential increase in Ripple's XRP, the current market conditions, including massive sell-offs by large whales, are causing significant concern for potential investors in the cryptocurrency finance market.

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