XRP Plunges Below $0.7 as Prices Take a Dive
• XRP recently dropped below the $0.7 support level, signaling bearish sentiment was strengthening and a move to $0.56 could occur in August.
• Whale accumulation saw an increase in July after Ripple Labs’ token was ruled not to be a security, but the bullish outlook remains uncertain.
• Network growth has slumped since the rally while Open Interest has taken a hit, suggesting selling pressure accompanied the move past $0.8.
XRP Prices Plunge Below $0.7
The evidence at hand signaled a move toward $0.56 for XRP, especially if Bitcoin also sank below the $28k mark. The move beneath the $0.7 support meant bearish sentiment was strengthening and the higher timeframe outlook remained bullish but a drop to $0.56 could occur in August nonetheless.
Whale Accumulation Increases
XRP saw tremendous gains in July after the ruling that Ripple Labs’ token was not a security and managed to climb past Binance Coin [BNB] for a few brief days on CoinMarketCap . A recent report highlighted how XRP saw an increase in whale accumulation , but the bullish outlook remains uncertain due to its inability to remain above the critical support level of $0.7.
Network Growth Slumps
The Fibonacci retracement levels (yellow) were plotted based on the rally from $0.465 to $0