Top crypto giants get rid of XRP Ripple coin

Traders dispose of their property from the currency Ripple XRP because it failed to maintain upward momentum after Judge Torres’ summary judgment in the U.S. Securities and Exchange Commission proceedings against Ripple Labs that XRP is not a security. Now, another whale has converted 29 million XRP worth more than $15 million into the trading platform as the price falls near the level of support.

Whale Alert reported in an April 25 post that a whale transferred 29,300,000 XRP worth $15.13 million to cryptocurrency trading platform Bitstamp. Other data also revealed that the whale is likely to dispose of its property from XRP as it converted 14 million XRP to Bitso a few hours ago.

Judge Torres’ allowing the U.S. Securities and Exchange Commission to file an interlocutory appeal in response to Token XRP sales led to significant sales. XRP’s price fell below the significant support level of $0.6 and $0.5.

The XRP price currently rebounds from the $0.5 level of support and risks a dramatic drop if traders and whales decide to sell their property.

Meanwhile, Ripple’s trial against the SEC is likely to take place at the end of April or mid-May, with SEC plaintiff and defendants Ripple Labs, CEO Brad Garlinghouse and CEO Chris Larsen informing the court that they were not available in the second quarter of 2024. The price of XRP rebounded in response, but the failure of bulls to maintain bullish momentum.

The risk of the XRP price dropping to $0.42 extended the downward candle fuse to $0.42 last week. It is too early to tell if the fifth largest cryptocurrency will rebound from the uptrend line towards the desired $1 level. Or the declines will extend to $0.42 or worse $0.3.

XRP price is $0.515 XRP is traded under all major moving averages. Including 50-day exponential moving average (EMA), 100-day exponential moving average. More importantly, the 200-day exponential moving average at $0.5253.