XRP Price Fears Explode Again, But Expert Says There’s More to the Story


XRP fell from $ 1.3267 to $ 1.2993 in the past 24 hours, falling slowly to $ 1.2931 after strong selling pressure caused a break below the $ 1.3150 support area on May 27 23:00 UTC session, where about 64 million XRP were sold. Although the token later recovered slightly to the level of $ 1.30, the volatility of the price of XRP continues to cause controversy among crypto people as traders wait for the stock to give a big explosion.

Amid the recent panic, a crypto expert CryptoWendyO pushed back against what he called misleading news about XRP, saying that many reports compare the current weakness to December 2020 without explaining what happened back then. He said bear markets often lead traders to take action instead of thinking.

One major report from Santiment stated that the number of active XRP traders in the last 30 days has fallen by about 47%, while XRP’s 30-day MVRV is the lowest since December 2020. He explained that the MVRV metric measures whether owners are making a profit or a loss.

However, he said that XRP holders are long-term investors due to Ripple’s strong partnership and global payment service.

Liquidity Alerts and Market Weakness

The expert also explained the latest reports from CryptoSlate XRP is said to be in dire straits as Binance liquidity drops to its lowest level since 2020.

According to the report, a slight decrease in water level combined with an increase in pressure could cause significant movement in both directions. A large burst can force a temporary squeeze, while some damage can result in a tight closure and significant damage.

At the same time, the opinion of XRP is said to have entered the zone of “great fear” after the symbol fell below the level of $ 1.35.

However, he said that the market is pushing crypto again, pointing to Bitcoin retracing the $74,000 support zone following the high volatility associated with the movement of the Bitcoin ETF.

What Really Happened in December 2020?

Also, he reminded viewers that December 2020 was very different for XRP because it also involved the SEC case against Ripple.

On December 22, 2020, the SEC accused Ripple executives Brad Garlinghouse and Chris Larsen of raising $1.3 billion through unregistered XRP sales. Following the announcement of the lawsuit, XRP fell from around $0.54 to around $0.17.

He described the case as a “black incident” that blindsided the market.

The expert said that today XRP is very strong because Ripple has expanded the group’s cooperation, pushed deep into border payments, followed the desires of banks, and won a big victory to prove that XRP is not a security in secondary markets.

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