Ripple Labs-backed XRP has recently been on the edge of an inevitable breakout after notable consolidation on the macro apex triangle. With the XRP price still trading around the same level after the historic summary judgment regarding the US SEC vs. Ripple lawsuit, crypto experts argue time is running out for the instrument’s consolidation.
Moreover, the anticipated altseason following the recent Bitcoin pump near $49k is expected to happen in the coming weeks. Meanwhile, the Ripple community is counting on a legal win after the Kraken crypto exchange managed to safeguard its XRP clients from the ongoing Ripple vs Vladi Zakinov case.
XRP Whales Increases On-chain Activity
The past few weeks have been a beehive of activities for the XRPL network fueled by whales changing their crypto portfolio. Worth noting that Ripple remains the leading source of selling pressure for XRP despite the company’s progress in developing infrastructure for cross-border payments using XRPL products. In the past few days, several XRp transactions have been observed entering centralized crypto exchanges, thus increasing the overall selling pressure.
XRP Price Analysis
XRP price has been attempting to defy bearish sentiments for the past few months, but the pressure has undeniably pounded heavily on the buyers. Furthermore, the existing weekly death cross between the 50 and 200 Moving Averages (MA) could soon push the XRP price below the support level by around 45 cents.
According to a popular digital asset analyst, Egrag Crypto, on the X platform, XRP price is preparing to enter the third wave regarding the Elliott principle. Notably, the crypto analyst believes the first wave was completed after rallying above 80 cents. Meanwhile, the crypto analyst thinks the first wave correction in the Elliott principle could push the XRP price as low as 41 cents.
