XRP has recently shown considerable volatility, reflecting uncertain investors’ sentiment. Despite the large price fluctuations, XRP remains stable at around $3.00, primarily due to mixed investors’ behavior.
The whale’s decision to sell large quantities of XRP has affected the price movement.
XRP Whale writes about trouble
Sales pressure from whales is clear as large holders are reducing their position. Over the past week, addresses with 10 million to 100 million XRP have sold approximately 400 million XRP, over $1.2 billion.
This move contributed to uncertain price movements and pushed the market into a period of volatility.
Despite sales by whales, XRP supply for exchanges has declined. This means that other small investors may be actively working to stabilize prices.
Over the past 24 hours, 77 million XRP, worth $231 million, has been withdrawn from the crypto exchange. This ongoing accumulation by investors supports prices and prevents XRP from falling below the $3.00 level.
Investor actions appear to counter large sales by whales, providing a foundation for potential price recovery. Whales dominate the market’s sales pressure, while other small investors are helping to stabilize XRP prices.
The aggressive purchasing behavior of these investors is important to maintain prices above the main support levels. These efforts can lead to potential upward movements.
XRP prices are vulnerable
At the time of writing, XRP is trading at $3.09, with support level above $3.07. Recent price action shows that XRP is unlikely to fall below $3.00. This stability is essential for potential recovery.
If XRP can secure $3.12 as its next level of support, it could potentially collect some of its recent losses and rise to $3.41. Buying activities from retail investors have helped to push prices to this higher level, indicating potential rebounds in the short term.
However, if whales sell pressure continues to increase, XRP could fall through support at $3.07. In this case, XRP could immerse in $2.91, which could negate bullish outlook and cause further drops in prices.
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