XRP price explodes by 20% but quickly fades after holders attempt to escape the SEC
- XRP price had a brief 20% move towards $0.522 but quickly had a pullback.
- The digital asset was helped by holders who have hired a lawyer against the SEC.
- The overall sentiment of XRP remains bearish, and the digital asset continues trading sideways.
XRP price had a volatile 20% spike as holders have hired attorney John Deaton to file a motion against the ongoing SEC lawsuit against Ripple. According to Deaton, XRP holders' interests are not accurately and adequately represented in the lawsuit against Ripple.
XRP price bound to decline further according to various indicators
The number of XRP whales holding 10,000,000 or more coins has seen a significant decline in the past two days, losing seven holders. The trend remains neutral since the beginning of February.
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XRP Holders Distribution chart
Additionally, the social volume of XRP also had a massive spike in the past 24 hours, which is also indicative of a potential correction incoming. On the 4-hour chart, XRP price has been bounded between two key levels. One at $0.50 and the support at $0.42.
XRP/USD 4-hour chart
Once again, the $0.50 resistance point has rejected the price pushing XRP down to $0.456. Losing the 26-EMA at $0.453 will likely drive XRP price towards the lower boundary again.
On the other hand, holding this point has the potential to push XRP towards the upper trendline at $0.50.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
