In an exciting turn of events, XRP, a cryptocurrency backed by Ripple Labs, birthed a tidal wave of speculations among crypto market traders and investors today, February 26, as the token fell below the crucial $0.53 support level. Pro-XRP lawyer, Bill Morgan, recently shared a post on X, spotlighting the Ripple-backed token’s drop below the prior mentioned support, stating, “Ouch.”

Ouch. Just fell below the $0.53 ‘support’ https://t.co/QlMeDS4alQ pic.twitter.com/8agz43ZE3d

— bill morgan (@Belisarius2020) February 26, 2024

Meanwhile, in his previous posts on X, the pro-XRP lawyer portrayed bearish thoughts on the token, aligning with the bearish movement witnessed recently. Data by CoinMarketCap showcases that the token traded initially in the green today. However, it showcased a phenomenal drop during the late hours, dropping below the crucial support level mentioned above.

Intriguingly, the derivatives data fueled further speculations over the Ripple-backed token’s price action ahead.

XRP Slips Below Support With Increase In Supply

According to a report by CoinGape Media today, a staggering 400 million XRP was unlocked from escrow at Ripple, significantly pushing XRP’s supply. Moreover, additional dumps to CEXs by an XRP whale further weighed in on the Ripple-backed token’s rising supply. This colossal supply surge appears to align with usual market sentiments of a token’s slump with the supply pump, as also seen by XRP’s drop below support witnessed today.

Meanwhile, in a previous post on X, Morgan took a jab at Ali MArtinez’s proclamation of XRP’s potential run to $0.63, garnering attention among crypto market traders and investors. “Right now it’s failing to hold an allegedly key support at $0.54 and heading lower.”- Morgan stated in his post on X, replying to Huber’s post spotlighting Martinez’s prediction.

Whereas, in another post on X, the pro-XRP lawyer spotlighted Flare’s topping of Aave and ALGO by global market cap.

Wow FLR flipped Aave and ALGO. https://t.co/cghJAskUWn

— bill morgan (@Belisarius2020) February 26, 2024

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XRP Price Plunges

As of writing, CoinMarketCap’s data showcased a drop of 1.99% in XRP’s price over the past 24 hours and is currently trading at $0.5335. The token’s market cap also jotted down a 1.97% plunge, reaching $29.13 billion.

However, the token’s derivatives data showcased a 6.03% rise in XRP’s open interest, reaching $716.95 million. This might hint at investors buying the dip in confidence, with new money entering the market. Even the volume, per Coinglass‘ data, surged 56.94%, reaching $754.75 million. This signaled that a consolidatory phase might be imminent for the Ripple-backed token, amassing attention across the crypto realm.

Also Read: BitForex Down: Crypto Operations Stop After Suspicious $56 Million Exit Scam

The post Pro-XRP Lawyer Reacts As XRP Price Slips Below $0.53 appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am