Ripple Labs-backed XRP has been on the edge of an inevitable breakout following the recent notable consolidation of the macro peak triangle. With the price of XRP still trading at the same level following the historic summary judgment in the US SEC v. Ripple case, cryptocurrency experts argue that time is running out for consolidation of the product.
Moreover, after the recent Bitcoin price hit of $49,000, the expected alt season is expected to occur in the coming weeks. Meanwhile, the Ripple community is hoping for a legal victory after the Kraken cryptocurrency exchange protected its XRP clients from the ongoing Ripple v. Vladi Zakinov case.
XRP whales increase on-chain activity
The past few weeks have seen a surge of activity on the XRPL network, driven by whales changing their cryptocurrency portfolios. Despite the company’s progress in developing infrastructure for cross-border payments using its XRPL product, it is worth noting that Ripple remains the main source of selling pressure for XRP. Over the past few days, several XRp transactions have been observed entering centralized cryptocurrency exchanges, increasing overall selling pressure.
XRP Price Analysis
Although XRP price has attempted to defy bearish sentiment over the past few months, it is undeniable that the pressure has taken a toll on buyers. Moreover, the existing weekly dead cross between 50 and 200 MA (moving average) could soon push the XRP price to around 45 cents below the support level.
According to renowned digital asset analyst Egrag Crypto, the price of XRP on the X platform is preparing to enter the third wave associated with the Elliott Principle. Notably, cryptocurrency analysts believe the first wave is complete after a rebound above 80 cents. Meanwhile, cryptocurrency analysts believe that the first wave correction of the Elliott Principle could push the price of XRP as low as 41 cents.