Weekly roundup: Experts predict SUI recovery, whales dump SHIB for PEPE, lawyers debate on XRP sale by Ripple
- Experts have predicted a recovery in SUI price post the meme coin hitting its all-time low on its mainnet launch.
- A large wallet investor shed 6 billion Shiba Inu token holdings for PEPE coin worth $67,000.
- Lawyers engage in a heated debate on Ripple’s sale of XRP tokens, arguing whether the payment giant engaged in the sale of securities.
Crypto experts have predicted a recovery in SUI after the meme coin hit a new all-time low on the day of its mainnet launch. The explosive price rally in meme coins shifted the spotlight from Shiba-Inu-themed meme coins to PEPE.
SUI token is poised for recovery, according to experts
SUI token is a native gas and governance token of the move-based Layer-1 blockchain platform. The token is poised for recovery in its price after hitting an all-time low of $1.15, on May 3 after mainnet launch.
Crypto Faibik, a technical expert evaluated the SUI price chart, identifying a falling wedge pattern. The falling wedge is a technical chart pattern that occurs when the asset's price is moving in an overall bullish trend and it generally corrects lower.
SUI/USDT 15-minute price chart
However, in the case of SUI, Faibik predicts a 9.5% uptrend in the token as price approaches the upper trendline of the channel. A decisive close past the upper trendline could push SUI price to $1.42.
The expert therefore presents a thesis of the end of consolidation where SUI price bursts through the upper trendline past the wedge’s resistance at $1.29.
Also read: SUI mainnet is live, token drops to all-time low of $1.15 in sell-the-news event
Whale dumps SHIB holdings for PEPE
A large wallet investor sold 6 billion Shiba Inu tokens worth $67,000 and scooped up PEPE coin, the meme coin inspired by the “Pepe the frog” meme. Analysts at Lookonchain, a crypto intelligence provider identified a whale wallet address that swapped SHIB for PEPE, acquiring a total of 325 billion PEPE Coins, with $633,000 and 6 billion Shiba Inu coins.
Whale exchanges SHIB for PEPE
The whale is holding their PEPE coins and experts at Lookonchain recommend that traders monitor the smart money wallet for the next move.
Read more about Shiba Inu here.
Lawyers debate Ripple’s sale of XRP tokens
Lawyers engaged in an intense debate arguing over the status of XRP as a security and the sale of XRP by payment giant Ripple and its executives. Retired attorney Mark Fagel and XRP proponent John Deaton debated over Ripple’s initial sales of XRP.
Let me repeat what I wrote to Judge Torres:
— John E Deaton (@JohnEDeaton1) May 5, 2023
“The SEC asks this Court to validate its shorthand and analytically lazy contention that Ripple has engaged in the functional equivalent of a nine year-long, on-going, 24/7 ICO, and that each and every sale of XRP, from anywhere in the https://t.co/gFnr5VJMIo
Mark Fagel and Deaton both agree on the sale of XRP constituting a security, the debate is on the primary sales and secondary market transactions of XRP. While the US financial regulator, the SEC considers these transactions under a single blanket, Deaton argues that the primary and secondary market sales need to be considered separately.
Read more about XRP.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
