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Home»Altcoins»XRP Price Rally Can Take a Halt With Enormous Profit-Taking! Here’s What Traders Can Expect
Altcoins

XRP Price Rally Can Take a Halt With Enormous Profit-Taking! Here’s What Traders Can Expect

2023-03-30No Comments2 Mins Read
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In the past two weeks, XRP has emerged as a standout performer among the top 20 digital assets by capitalization. Bolstered by Ripple Labs’ businesses, the XRP market has rallied over 52% to reach a ten-month high of around $0.58. The surge in XRP’s price was anticipated after Bitcoin’s breakout was above $25k to $28k, which led to cash flow into large altcoins.

FOMO Traders Proliferate XRP Market

Last week, the sixth-largest digital asset by market capitalization rallied above the 200 weekly moving average (MA) for the first time this year, breaking out of a multi-week logarithmic downtrend. The breakout attracted FOMO traders hoping to catch some gains, as evidenced by today’s $11.52 million liquidated in the XRP market. Of this amount, around 80% were short traders.

High Level of Trader Profit Taking Recorded in XRP Market

Market intelligence platform Santiment has reported a very high level of trader profit taking in the XRP market, which is at its highest ratio vs loss taking since Aug 2021. The high rate of profit-taking among XRP traders suggests a psychological resistance level of around $0.58. According to Santiment, XRP profit-taking transactions occur twice as often as loss-taking transactions.

XRP Community Anticipates a Win in Ripple vs SEC Ruling

With the Ripple vs SEC ruling expected in the coming weeks, XRP community members are optimistic about a favorable outcome. However, if Ripple loses the case, it could have a bearish outlook for the company. 

Related: Ripple Vs SEC: Cathie Wood Predicts SEC’s Downfall in the Ongoing Ripple Case – Coinpedia Fintech News

See also  Solana trades at pre-FTX levels once again

Ripple has already lost some customers, including Moneygram, to Stellar Lumens XLM. Ripple CEO Brad Garlinghouse has previously threatened to leave the US market if the SEC wins.

Will XRP bounce back and continue to register gains as it has? Only time will tell!

Enormous Expect halt Heres Price ProfitTaking rally traders XRP
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bitcoin
Bitcoin (BTC) $ 118,977.88
ethereum
Ethereum (ETH) $ 3,885.87
xrp
XRP (XRP) $ 3.24
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 853.91
solana
Solana (SOL) $ 192.55
usd-coin
USDC (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.242419
staked-ether
Lido Staked Ether (STETH) $ 3,881.71
tron
TRON (TRX) $ 0.325631