XRP Price Struggles: Whales on the Move, FOMC Meeting in Focus

XRP wobbles below $0.50 as Bitcoin bleeds and whales shuffle tokens.

TL;DR

• Price drop: XRP price followed the broader market slump, dipping below $0.50 after Bitcoin tumbled.
• Whales in action: Large investors (whales) transferred 64 million XRP in the last day, creating uncertainty.
• FOMC meeting: Upcoming Federal Open Market Committee (FOMC) meeting results could sway market direction.

Regulation and XRP ecosystem growth:

• KYC bill: A new bill requiring crypto firms to verify user identities (KYC) might impact XRP and other cryptocurrencies.
• New investors: Over 100,000 new investors joined the XRP ecosystem in June, but the price hasn’t reflected this growth yet.
• Ripple’s network: Ripple expands its network of financial partners globally, including a new initiative in Asia.

XRP/USD Technical Analysis

XRP found support around $0.47 and is attempting a recovery, facing resistance at $0.4850. If XRP breaks above $0.4920, it could climb towards $0.50. Conversely, a drop below $0.470 could lead to further losses.

Overall, XRP faces headwinds from the weak market sentiment and whale activity. The FOMC meeting and Ripple’s ongoing efforts could influence the price in the coming days.