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XRP has been correcting as the SEC case drags
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Whales have been accumulating the cryptocurrency
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XRP could continue sliding to find support at $0.30
Ripple (XRP/USD) enthusiasts have been anxious for the past weeks. As investors awaited a possible hint of the SEC decision, the XRP price stalled. Perhaps it underlined a wait-and-see attitude, as the case can go either way, anyway. However, as the events dragged on, XRP lost ground. It is not the worst performer, though. Trading at just $0.34 as of press time, the cryptocurrency was looking likely to head lower. But there is some encouraging cryptocurrency news.
According to Santiment data, XRP whales are taking advantage of the recent decline to scoop more tokens. In December, whales holding between 1 million and 10 million of XRP rose to 1,617. The percentage of supply for the XRP addresses is now at 7.23%, a record high.
The increased whale activity signals that big investors still have hopes about the XRP price. They bank on the expectation that Ripple will win the case against the SEC, boosting the cryptocurrency price. That is seen in the price action of XRP since the token has yet to make significant declines amid a bear market.
XRP price outlook and analysis
The technical outlook shows XRP is bearish. The price lost an opportunity to break out at $0.4 before coming under the bear pressure. The MACD indicator shows that momentum is weakening fast for XRP. The next support for the cryptocurrency lies at $0.30.
What to do with XRP?
Despite being bearish, XRP has been one of the most stable cryptocurrencies. The current decline is better said to be a correction rather than a bear market. It should, however, be noted that the long-term momentum is bearish for XRP.
For XRP buyers, it is important to monitor fundamentals around the case with the SEC. In the meantime, the support around $0.30 should be watched if the correction continues. A break below the level could make XRP more bearish.