KARNATAKA, India – The cryptocurrency market has been gaining a lot of reds in the charts for the past few days. Despite this trend, XRP appears to gain an upward momentum as experts can still see bullish movements using different technical indicators. How long will Ripple maintain its ground despite the market trend and in the face of bears?
May appears to be a wild month for Ripple. It started good, but then Ripple experienced the inevitable. It lost a whopping 18.36% from its last week’s value. If you hold or own an XRP, this news seems heartbreaking, but it can be considered like a bite of an ant compared to LUNA, which lost almost 93% of its value in just one day.
Based on the XRP volume metric, Ripple might still look promising, even with the losses. It reached a high of around 3.30 billion, which happened last March 12th this year. The question is, will investors take advantage of the dip and possibly ride smaller rallies?
Another data shows these promising results is the Santiment data, which shows that transactions worth over $100,000 went above 1,000 within press time. This number appeared last February 8th this year.
Whale Alert also recorded multiple transactions from Ripple to different wallets; Whales should note that frequent small volumes of XRP were circling the ecosystem. One transaction was even recorded to involve a 50 million-XRP movement from Ripple to an unknown wallet.
A bearish trend might still exist since the selling pressure is heavy. Candlesticks are going to the lower bands, indicating the altcoin is going to the oversold region again.
Apart from all these technical indicators, there is also the lawsuit case with the SEC that you need to watch out for to know how to strategize with XRP. More and more developments are coming in as the dates of the proceedings draw near.