The value of the bitcoin market has dropped significantly this week. As new lows in price levels were tested, Bitcoin and numerous altcoins saw daily losses. Bitcoin, for example, slipped below the $30,000 mark and is now trading around $29,000.
On May 12, XRP had a major sell-off, with a price drop of 7.44 percent. However, on May 13, fortune shined on this token, and it recovered completely.
Following the filing of Ripple’s response to the Securities and Exchange Commission’s Attorney-Client Privilege claims about William Hinman’s speech and notes, the token gained 10%.
These records hinted to a potential conflict of interest on the part of the former SEC staffer, which might jeopardize the Commission’s case against Ripple.
In what other ways has the submission of this response helped the XRP token recover from its week-long losses in the last 24 hours.
While the XRP token rose sharply in response to the announcement of the filing, bears rushed in to try for a reversal.
As a result of this decision, the token lost 5% of its previous gains. The coin was trading at $0.4296 at the time of publication.
The transaction volume for the XRP coin has increased by 8% in the last 24 hours, standing at 3.2 billion at the time of writing.
With no commensurate increase in price, the increase in transaction volume could only suggest that investors withdrew their positions to take profits after the temporary price increase.
Investors not interested?
Furthermore, indicators on the XRP price chart suggested that the coin had seen significant distribution in the previous 24 hours.
Despite the price being signalled by a green candle, the RSI and the MFI remained perilously near to oversold levels following the announcement yesterday and remained there at the time of publication.
The token’s RSI was at 29, while the MFI was at 22 at the time of writing. The 50-EMA trend line, which was above price at the time of writing, suggested a bearish bias and intensified selling pressure on the token.
Despite the temporary price increase, statistics from the chain revealed that the announcement of the filing had no meaningful impact on the XRP token’s performance.
The token had 37.4k active addresses on the network at the time of writing, down 11% from the 42,132 active addresses recorded on May 13th.
Furthermore, the token’s Whale Transaction Count has decreased over the last 24 hours. Despite the news of filing, the number of transactions exceeding $100k plummeted by 81 percent.
The number of sales over $1 million plummeted by 85%. This drop suggested that, despite the announcement of the filing, the token’s price had risen. The “big boys,” on the other hand, were not impressed.