XRP Advocate Responds as Price Drops Below $0.53

XRP has dropped below a crucial support level causing speculation among traders and investors as it falls below $0.53.

XRP, a cryptocurrency supported by Ripple Labs, has caused a tidal wave of speculation among traders and investors in the cryptocurrency market today, February 26 as the token has fallen below the important $0.53 support level.

Bill morgan, a lawyer supporting Ripple, recently posted on X, highlighting the Ripple-backed token’s drop below the previously described support and stating, “Ouch.”

During this time, the pro-Ripple lawyer had previously expressed gloomy sentiments about the token in his earlier articles on X. The bearish movement observed in recent times aligns with these thoughts.

According to the data provided by CoinMarketCap, the token amount traded today was initially positive. During the late hours, it remarkably declined, dropping below the previously described critical support level.

Furthermore, the derivatives data sparked further speculation about the future price behavior of the Ripple-backed coin, which is an intriguing development.

Ripple released an astounding 400 million XRP from escrow as reported earlier today. This has the effect of considerably increasing the quantity of XRP.

XRP Falls Below Support With Increase In Supply

An XRP whale dumping fresh coins to CEXs also significantly increased the quantity of the coin supported by Ripple. It would appear that this enormous supply spike is in line with the typical market sentiment of a token’s decline in conjunction with the supply pump.

This can also be seen by the fact that the token has dropped below its support level today. Morgan’s post on X was directed at Ali Martinez’s assertion which states that XRP might reach $0.63.

This statement has garnered attention among traders and investors in the cryptocurrency industry. “At the moment, it is not succeeding in maintaining a supposedly important support at $0.54 and is moving downward.”

Morgan made this statement in his post on X, which was a response to Huber’s post highlighting Martinez’s anticipation.
However, in a different post on X, the attorney who supports XRP brought attention to the fact that Flare has surpassed Aave and ALGO in terms of worldwide market cap.

CoinMarketCap data indicated that XRP’s price had dropped by 1.99% in the last 24 hours and is now trading at $0.5335. The token’s market capitalization also experienced a decline of 1.97%, reaching a total of $29.13 billion.

XRP Price Surges Down

On the other hand, the data from the token’s derivatives showed that XRP’s open interest increased by 6.03%, reaching a total of $716.95 million.

This could be a sign that investors are buying the dip in confidence, resulting in new money entering the market. According to the figures provided by Coinglass, the volume increased by 56.94%, hitting $754.75 million.

Consequently, this indicated that a consolidatory phase might be on the horizon for the Ripple-backed coin, which began to garner attention throughout the cryptocurrency world.