Ripple’s five-year-long legal battle with the U.S. Securities and Exchange Commission (SEC) finally came to an end on March 19, as the regulatory agency dropped its lawsuit and appeal against Ripple Labs. While many expected this to trigger a major bullish rally for XRP, the token’s price has failed to gain traction, with bearish sentiment dominating the market.
Whale Sell-Off Deepens Bearish Pressure
Despite the positive legal outcome, large XRP holders, commonly referred to as whales, have shown little confidence in the token’s future price prospects. On-chain data from Santiment reveals that whales holding between 100 million and 1 billion XRP have collectively offloaded 20 million tokens—worth approximately $50 million—since March 19.
This mass sell-off extends an ongoing distribution trend that began earlier in the month, further reinforcing the bearish sentiment. Until whales resume accumulation, XRP may continue facing downward pressure, preventing any meaningful recovery.
Weak Market Sentiment Weighs on XRP Price
Beyond whale activity, XRP’s weighted sentiment—a metric that evaluates investor confidence by analyzing social media mentions—has been on a downward trajectory. At press time, this indicator is on the verge of slipping into negative territory, signaling an increasingly bearish outlook.
A decline in weighted sentiment suggests that traders remain skeptical about XRP’s near-term potential, leading to reduced trading activity and lower liquidity. This lack of bullish momentum could prolong the token’s consolidation phase or even trigger a deeper price correction.
Key Price Levels to Watch
XRP is currently trading at $2.39, maintaining support at $2.13. If bearish pressure persists and this support level fails to hold, the token could drop further to $1.47. Conversely, a renewed buying interest could push XRP toward $2.61, invalidating the current bearish trend.
Also Read: SEC Drops Ripple Appeal: Is XRP Poised for a Massive Breakout?
Despite Ripple’s legal victory, XRP continues to face strong headwinds, with whales offloading holdings and investor sentiment turning negative. Until accumulation resumes and sentiment shifts positively, XRP’s price is likely to remain under pressure. Investors should closely monitor key support and resistance levels to gauge the token’s next move.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
