Main Takeaways:-
- Whale Alert shared that 53 million XRP, worth $118 million, was sent to Coinbase. This made people worry that many might sell their XRP.
- If XRP falls below $2, its price might go down to $1.74. But if it rises above $2.26, it could go up by 22%.
Are Whales Selling Off Their XRP Holdings?
Looking at the current market and XRP’s price movements, whales and traders mostly expect the price to go down. This makes people wonder if XRP will keep its support level or if it’s getting ready for a big drop.
Whale Alert, a tool that watches big crypto moves, noticed that 53 million XRP, worth about $118 millio,n was sent to Coinbase in the last 24 hours.
So far, this big transfer from an unknown wallet to Coinbase has not been confirmed as a sale.
But this transfer happened around the same time XRP’s price dropped by 7%, which suggests that investors or whales might be getting ready to sell.
Also, these kinds of transfers usually come from whales and could mean they expect the market might crash soon.
Traders Place $91M in Bearish Bets Amid Market Uncertainty
Also, the XRP Exchange Liquidation Map from CoinGlass shows many short positions growing between $1.96 and $2.26.
At $2.268, traders have placed $91.66 million in total short bets, hoping the price won’t go up.
At the same time, traders still have $43.60 million in short bets at $1.962, making it hard for XRP to go up unless the price moves strongly in a positive direction.
This shows that traders betting on the price going down are now in control of the market.
Because of these big bets expecting the price to fall, it will be hard for XRP’s price to go above this level, which is now a strong barrier.
Right now, XRP is priced at $2.13, down 2.65% in the past day. Also, trading volume went up by 75%, showing more traders are active during this slow price movement.
XRP price action and key levels
AMBCrypto says XRP is testing the 200-day moving average at $2.08 and is just above important support. Even though the price dropped 21%, the overall trend is still positive, but the situation is weak and could change.
If the price falls below $2.00, the next important support is at $1.74, meaning the price could drop 13%. But if buyers take control and push the price above resistance, XRP could go up 22% to reach $2.60.
Right now, XRP is stuck between two sides: whales and traders who are unsure and worried, and on the other side, strong support and chances for the price to go up.
Read also:- $11M Flows into Ethereum ETFs Despite Volatility
Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice and viewers should consult their financial advisors before investing.
