The post XRP Price Faces Intense Selling Pressure as Bears Take Control appeared on BitcoinEthereumNews.com.

If the price manages to go past $0.65 level, then the price will likely move towards $0.68. At the time of writing, XRP is trading at $0.6173, down 4.32% in the last 24 hours. Ripple’s Chief Legal Officer Stuart Alderoty responds sharply to comments made by U.S SEC Chairman Gary Gensler. The SEC chair, in a recent address, echoed the first Chair of the SEC, Joseph P. Kennedy, who emphasized the agency’s role as both a partner to honest businesses and a prosecutor of wrongdoing. On top of all that, Gensler included several quotations from notable people. The event was the 2023 Securities Enforcement Forum, where the speech was given. Alderoty saw the comments shortly after the speech was posted on the social media platforms. Ripple’s CLO swiftly responded to the speech and comments by stating that Ripple’s case was prejudged.  Ripple’s CLO seems to have emphasized the underlying reality of the current legal issue, in contrast to Gensler’s comments. There have been rising tensions between the U.S SEC and the crypto sector, which this criticism reflects.  Bears Domination A string of whale transactions involving massive sums of XRP happened in the midst of an intense selling pressure, drawing the attention of crypto community. Whale Alert stated that an anonymous wallet sent a massive 25.40 million XRP to Bitstamp today, valued at around $15.62M. Additionally, the same wallet transferred 26.20 million XRP to Bitso, which is valued at around $16.12M. At the time of writing, XRP is trading at $0.6173, down 4.32% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 10.76%. The price faced strong resistance around $0.74 and started a correction. If the price manages to go past $0.65 level, then the price will likely move towards $0.68 resistance level. On…

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Filed under: News - @ November 17, 2023 10:12 pm