XRP Whales Trigger Market Concerns: Will XRP Fall Below $2?
Ripple’s XRP, one of the most prominent altcoins, is currently facing intense market pressure. Over the last week, large-scale investors, known as whales, offloaded over $783 million worth of XRP. This unprecedented wave of selling has raised concerns among traders and investors, leading to speculation that the price could dip below $2.
What’s Happening With XRP Whales?
The whales, typically defined as holders of 1 million to 10 million XRP, have sold more than 390 million XRP in recent days. This selling activity is indicative of frustration among high-value investors, who may have expected a stronger upwards price trend in previous market conditions. The continuous selling has increased bearish momentum, pulling XRP back to a critical support level of $2.
Despite the whale offload, there is some hope for stabilization. Data from HODL Waves shows that the percentage of XRP held by long-term investors has risen. Holders who have owned XRP for one to two years now account for 9.81% of the total supply, up from 8.58% last week. This growing conviction among seasoned holders could provide a buffer against further sharp declines.
Why $2 Is a Crucial Support Level
For the past week, XRP has consistently hovered around the $2 mark, marking it as a vital psychological and technical level. Any breach below this point could trigger significant declines in market confidence. If bearish pressures intensify and whale selling persists, XRP may drop to $1.94, with potential further losses to $1.85. On the flip side, strong buying momentum could propel XRP back into a range between $2.00 and $2.20.
Can Market Sentiment Shift?
For XRP to break out of its current range-bound movement, a major positive trigger is needed. Improved sentiment in the broader cryptocurrency market, regulatory clarity, or strong use-case developments for Ripple could all play a role. However, until such catalysts emerge, investors should be prepared for continued volatility.
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Disclaimer
This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency investments carry risks, and market conditions can change rapidly. Always conduct thorough research and consult a financial advisor before making investment decisions.
