XRP price action has got the crypto community talking after the third-largest cryptocurrency hit a historic support level.
Renowned market analyst Javon Marks called out this development on X, formerly Twitter, and stated, “This Candlestick and Volume combo on XRP should tell it ‘all’. Sellers (Bears) were rejected at a level not seen since perhaps 2017-2018. The bulls showed a dominant presence, so despite the recent price action, they can be coming to dominate.”
Source: Javon MarksInterestingly, after XRP hit the $1.9 to $2.0 area, the altcoin experienced a major reversal to the upside, given that bulls came out guns blazing.
Therefore, Marks believes this occurred after XRP hit a major and historic 2017-2018 support level.
Even though XRP has been trying to break out of the significant resistance level of $2.5 in vain, time will tell whether bulls will carry the day and breach this level.
According to CoinGecko data, XRP was down 17.9% in the past week to hit $2.21.
Are Whales Contributing to XRP’s Price Instability?
XRP has been experiencing intensified selling pressure, contributing to its price trading below the psychological threshold of $2.7.
Whales seem to be the engine behind this trend since they sold more than 370 million XRP in a span of just 96 hours, according to renowned market analyst Ali Martinez.
Source: Ali MartinezDespite this bearish momentum, John Reed Stark alluded to the light at the end of the tunnel.
The former United States Securities and Exchange Commission (SEC) official recently opined that the agency was on track to dropping its appeal in the Ripple lawsuit.
Stark categorically said, “Dropping of the SEC’s Ripple appeal next up for sure.”
If this is approved, XRP will be laughing all the way to the bank, based on the bullish momentum expected. creator solana token
