XRP Price Prediction as XRP Whale Activates Wallet With 30 Million Tokens – What’s Going On?

cryptonews.com:

The XRP price has declined by 2% in the past 24 hours, falling to $0.386705 amid a marketwide selloff yesterday. Its current level means that it has fallen by 6% in a week but risen by 10% in the last 30 days, with Kraken's $30 million settlement with the SEC potentially signalling further losses this weekend.

Today's movements also follow reports of whales and big investors moving XRP to exchanges, possibly in order to sell the altcoin ahead of further falls. However, while the short-term looks unfavorable for XRP, the prospect of a Ripple win against the SEC raises hopes for a big rally later in the year.

XRP's chart suggests that further losses may come in the next few days, before the altcoin's price settles and begins rising again. In particular, its relative strength index (purple) has shown a consistent decline in the past few days, and may continue dropping towards 30 before climbing upwards again, along with XRP's price.

Something similar applies to XRP's 30-day moving average (red), which after reaching a peak relative to its 200-day average (blue) looks like it could begin falling down again.

The key support level to watch out for here is $0.38. If XRP falls decisively below this level, further pain could be ahead.

That this is a possibility has been underlined in the past couple of days by reports of whales moving XRP to exchanges. Indeed, one large investor transferred 34 million XRP (worth about $13.5 million) to Bitstamp a couple of days ago, and may have been a big part of the reason why the coin fell in the past day.

Still, it remains important to look at the bigger, longer term picture here, with Ripple's case against the SEC still looking good for XRP and the wider cryptocurrency market. According to Ripple