XRP’s price reaction has remained muted following the US Securities and Exchange Commission’s (SEC) decision to drop its lawsuit against Ripple.
The bearish sentiment against the altcoin continues to strengthen, signaling an extended period of potential price consolidation or a downturn.
Ripple’s Legal Win Fails to Ignite XRP Rally—What’s Holding It Back?
On March 19, the SEC dropped its appeal and lawsuit against Ripple Labs, ending the five-year-long legal battle. While many anticipated this significant development would trigger a bullish rebound for XRP, its performance has remained lackluster.
Market participants remain overwhelmingly bearish on the altcoin, keeping its price under persistent pressure. The decline in XRP whale accumulation highlights this bearish bias.
According to Santiment, large whales holding between 100 million and 1 billion XRP have offloaded a cumulative 20 million XRP, worth approximately $50 million, since March 19.
This sell-off is part of an ongoing distribution trend that began earlier this month and shows no signs of reversal even after the SEC’s decision. Despite Ripple’s legal victory, these major XRP holders have yet to regain confidence and resume accumulation.
Moreover, the token’s falling weighted sentiment reflects the bearish pressure in the XRP market. At press time, it is poised to break below the center line at 0.052.
An asset’s weighted sentiment measures its overall positive or negative bias, considering both the volume of social media mentions and the sentiment expressed in those mentions. It is a bearish signal when it attempts to fall into the negative territory.
It means that XRP investors are increasingly skeptical about the token’s near-term outlook. This prompts them to trade less, worsening the token’s decline.
XRP at a Crossroads: Rally to $2.61 or Drop to $1.47?
XRP exchanges hands at $2.39, trading above the support floor at $2.13. If bearish sentiment lingers, the token could experience a pull toward this low. Should the bulls fail to defend this support, XRP’s price could fall further to $1.47.
Conversely, a resurgence in bullish bias would invalidate this bearish projection. If XRP demand spikes and profit-taking stalls, its price could climb to $2.61.
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