XRP price has been trading sideways for the past two weeks after the SEC sued Ripple. The digital asset seems to be on the verge of a massive sell-off as bulls lose power. There is still a small chance for XRP bulls to defend a critical support level. Over the past two months, XRP’s total market capitalization has fallen from a high of $32 billion on November 24, 2020, to only $12 billion currently. The biggest reason for this drop was the SEC suing Ripple for the sales of unregistered securities. XRP is close to losing its fifth position in market capitalization ranking to Cardano. XRP price will drop below $0.20 if this level fails to hold XRP has formed a descending triangle pattern with the support level located at $0.26 on the 4-hour chart. XRP price is currently trading at $0.261, just above this point. A breakdown below $0.26 could quickly push the cross-border payments giant towards $0.19. XRP/USD 4-hour chart As for on-chain metrics, the number of whales holding at least 10,000,000 XRP ($2,600,000 or more) has significantly dropped from a high of 356 on December 25, to 300 currently. This metric indicates that large investors have sold XRP and are not interested in accumulating right now, which adds credence to the bearish outlook above. XRP Holders Distribution chart However, there is a small chance that bulls can defend the $0.26 support level. A rebound from this point would push XRP towards the resistance trendline at $0.27. A breakout above this level can drive XRP to a high of $0.35. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next WTI fails to hold above $53.00 as bullish/bearish narratives vie for control FX Street 1 year XRP price has been trading sideways for the past two weeks after the SEC sued Ripple. The digital asset seems to be on the verge of a massive sell-off as bulls lose power. There is still a small chance for XRP bulls to defend a critical support level. Over the past two months, XRP’s total market capitalization has fallen from a high of $32 billion on November 24, 2020, to only $12 billion currently. The biggest reason for this drop was the SEC suing Ripple for the sales of unregistered securities. XRP is close to losing its fifth position in market… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.