Ripple holders realized nearly $20 million in losses in past ten days, XRP sustains above $0.52

FXStreet
Updated May 28, 2024 06:16
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■Ripple holders shed their XRP holdings and took $20 million in profits since May 18. 

■XRP social dominance is nearly at the same level, at 1.46%. 

■XRP sustained above $0.52 on Tuesday but is down 1% on the day. 


Ripple (XRP) holders have consistently realized losses on their XRP holdings on several occasions between May 18 and 28, as seen on the crypto intelligence tracker Santiment. The altcoin’s social dominance remains nearly unchanged, signaling XRP’s relevance among market participants. 


XRP holders await further developments in the Securities and Exchange Commission (SEC) vs. Ripple lawsuit. 


Daily Digest Market Movers: Ripple holders take losses to the tune of $20 million


The on-chain metric Network Realized Profit/Loss, used to identify the net profit/loss realized by holders of an asset on a given day, shows that XRP holders realized nearly $20 million in losses in the past ten days. 


Realization of losses on their XRP holdings, to the tune of $20 million, could amount to capitulation. This would mean the altcoin’s price could recover and break past consolidation. XRP price could resume its rally as holders continue to take losses. 


XRP

XRP price and Network Realized Profit/Loss 


Social dominance, a metric used to identify XRP’s share among discussions on crypto, has been nearly unchanged in the past ten days. The metric reads 1.46% on May 19 and 1.51% on May 28 at the time of writing. 


XRP social dominance

XRP price and social dominance 


Ripple holders await ruling in the SEC vs. Ripple lawsuit. The legal battle has dragged on since 2020, with the regulator dropping charges against executives Brad Garlinghouse and Chris Larsen, while asking for $2 billion in fines for unregistered securities sale. 


Technical analysis: XRP eyes nearly 7% gains


Ripple is in an uptrend that started on April 18. Since then the altcoin has formed higher highs and higher lows consistently. XRP is attempting to flip the $0.5310 resistance level to support. This level is important since it marks the 50% Fibonacci retracement of the decline from the April 9 peak of $0.6431 to the April 13 low of $0.4188. 


In its uptrend, XRP could extend gains by nearly 7% and tag $0.5703, the high on the May 6 and April 22 candlestick on the XRP/USDT 1-day chart. 


The Moving Average Convergence Divergence indicator with its green histogram bars above the neutral line, supports gains in XRP. It implies there is an underlying positive momentum. 


The momentum indicator Relative Strength Index (RSI) reads 50.23, above the neutral level, suggesting bullish momentum in the altcoin. 


XRP

XRP/USDT 1-day chart 


In the event of a correction, XRP could sweep liquidity at the May 23 low of $0.5027 and find support at $0.4866, a level that has acted as support for over a month. 

* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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