XRP price drops alongside mass profit taking by Ripple holders

XRP price dipped to $0.62 on Friday. The altcoin has sustained above the psychologically important $0.60 level despite profit-taking activities of the altcoin’s holders.

XRP price dropped to $0.62 on Friday as holders took $368.79 million in profits in the past week. The deadline for the SEC vs. Ripple lawsuit for the regulator's remedies-related opening brief is March 22. XRP trade volume observed a spike several times this week as on-chain activity in the altcoin peaks. XRP price dipped to $0.62 on Friday, sustaining above the psychologically important $0.60 level despite increased profit-taking activities fromthe altcoin’s holders.

The Moving Average Convergence/ Divergence indicator and the Awesome Oscillator suggest that a sweep of support at $0.57 is likely before the altcoin's price can recover. XRP/USDT 1-day chart However, adaily candlestick close above the 78.6% Fibonacci retracement level at $0.62 could invalidate the thesis of a sweep of support. ShouldXRP price also overcome the $0.66 resistance level, it could rally towards its December 2023 high of $0.70.

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