XRP has been showing significant volatility in recent days, reflecting uncertain investor sentiment. Despite major price fluctuations, XRP has been maintaining stability around $3.00, primarily due to mixed investor behavior.
Whales' decisions to sell large amounts of XRP are influencing price movements.
XRP Whales, Signs of Trouble
Whale selling pressure is evident, with large holders reducing their positions. Over the past week, addresses holding 10 million to 100 million XRP have sold approximately 400 million XRP, which corresponds to a value of over $1.2 billion.
This movement is contributing to uncertain price fluctuations and driving the market into a period of volatility.
Despite whale sales, XRP supply on exchanges has decreased. This indicates that smaller investors are actively moving to stabilize the price.
In the past 24 hours, 77 million XRP, equivalent to $231 million, was withdrawn from cryptocurrency exchanges. These investors' continued accumulation supports the price and prevents XRP from dropping below $3.00.
Investors' actions appear to offset large whale sales, providing a basis for potential price recovery. While whales dominate market selling pressure, smaller investors are helping to maintain XRP's price stability.
These investors' active buying and positive net position are crucial in maintaining the price above key support levels. These efforts could lead to potential upward movement.
XRP Price Vulnerable
At the time of writing, XRP is trading at $3.09, above the support level of $3.07. Recent price movements suggest a low likelihood of XRP falling below $3.00, especially with strong support. This stability is essential for potential recovery.
If XRP can secure $3.12 as the next support level, it could rise to $3.41, recovering some recent losses. Retail investors' buying activity can help push the price to these higher levels, potentially signaling a short-term rebound.
However, if whale selling pressure continues to intensify, XRP could break through the $3.07 support and decline. In this case, XRP could fall to $2.91, which could invalidate the bullish outlook and trigger further price decline.
