XRP price has returned to the crucial $2 level after repeated breakout attempts failed, reflecting the overall market uncertainty.
Every time it attempts to rise above short-term resistance, altcoins have been met with selling pressure, pulling them back towards this psychological bottom.
XRP holders are in a tug of war
Whales are beginning to land a significant portion of their stock. Over the past seven days, wallets holding between 1 million and 10 million XRP have sold over 390 million XRP, worth over $783 million at current prices.
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This level of distribution shows clear dissatisfaction among high-value holders who were expecting a stronger recovery. Such selloffs typically have a significant impact on market sentiment, especially when driven by cohorts that can significantly impact liquidity.
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Despite the whale distribution, long-term holders are resisting downward pressure. According to data from HODL Waves, the share of the 1-2 year cohort in XRP supply increased from 8.58 percent to 9.81 percent in the last week.
This shows growing confidence among mature holders who acquired XRP less than a year ago and are now choosing to hold on to the token given the volatility. This stability has helped stabilize XRP at $2 and cushion the impact of the whale sell-off.
Notes on the decline in XRP price
XRP is trading at $2.00 at the time of writing, which is an important psychological and technical support level. In recent days, price movements have repeatedly been drawn to this point, confirming its importance in maintaining market structure.
Given counterpressure from whale sales and long-term holder accumulation, XRP is likely to remain within the $2.00-$2.20 range until a clear directional catalyst emerges. Breaking this consolidation pattern will require a change in sentiment or improved market conditions.
However, if the bearish momentum strengthens and whale selling accelerates, XRP could fall below the support at $1.94. Such a breakdown could cause the price to fall further towards $1.85, invalidating near-term bullish expectations.
