Some cryptocurrencies today have gone into a short-term decline, with Bitcoin (BTC) rising above a significant $ 50,000. Ripple’s XRP token is one of them.
After rising to $ 0.6 on February 13 and 14, XRP has been trading around $ 0.5 in the past two days.
XRP was unable to cope with the selling pressure yesterday and dropped below a very strong support level. At the end of the day, XRP price surpassed the $ 0.50 psychological level, trying to gain ground above the $ 0.50 level during the day. If the bearish momentum repeats, the price could return to the $ 0.45 support.
Also on February 22, the SEC and Ripple will hold a pre-trial conference to decide the next steps in the case against the company. As XRP investors await positive or negative news about the pre-trial conference between Ripple and SEC, the price may also drop due to the possibility of panic selling or low trading.
In addition, Whale Alert, following the crypto movements, found that 30 million XRP moved in three transfers in the last sixteen hours. The equivalent of this amount in fiat is $ 16,265,780.
Two of these transactions were handled by XRP-affiliated Ripple fintech giant and the company’s co-founder and former CEO Chris Larsen. Ripple’s high-profile manager transferred ten million XRP to the Binance exchange. Ripple has tied the same amount of XRP tokens to ODL partner Bitso in Mexico. The data came from the Bithomp XRP analytics website.
The third transaction was Crypto.com transferring ten million XRP to Binance.
Finally, XRP ranks 6th while ADA remains 5th and Polkadot 4th, by market cap. The gap between XRP and the market capitalization between these two coins is increasing.