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$XRP is attempting to form a new all-time high ($ATH), but its price action remains volatile. The altcoin has repeatedly tested the $2.95 support level, struggling to maintain upward momentum.
While whale selling has contributed to the uncertainty, long-term holders (LTHs) are playing a key role in preventing a steep decline.
$XRP Whales Move To Sell
Whale addresses holding between 10 million and 100 million $XRP sold approximately 160 million tokens in a single day this week. The total value of these transactions was nearly $500 million, highlighting the growing concern among large holders regarding $XRP’s inability to sustain a rally. The lack of upward momentum has led some whales to take profits rather than hold their positions.
However, the selling pressure may be short-lived. Some of these whales have begun reacquiring $XRP, signaling renewed confidence in the asset’s long-term potential. If this trend continues, it could provide the necessary support for $XRP to reclaim key resistance levels and attempt another push toward its $ATH.
$XRP’s broader macro momentum remains strong, as indicated by the MVRV Long/Short Difference, which is currently highly positive. This suggests that long-term holders remain in profit, reinforcing their commitment to the asset. Historically, LTHs play a crucial role in maintaining price stability, reducing the likelihood of sharp sell-offs.
With these investors refraining from selling, $XRP is in a better position to sustain its current levels. The presence of strong hands in the market supports the argument that $XRP could continue its upward trend, provided that broader market conditions remain favorable.
$XRP Price Prediction: Aiming For The $ATH
At the time of writing, $XRP is trading at $3.10, holding above the $2.95 support level. This threshold has been tested twice in the past ten days, highlighting its importance in preventing further declines. A successful defense of this level could set the stage for a potential rally.
Despite bullish signals, reclaiming the $ATH of $3.40 may prove challenging. However, if whales move to repurchase the $XRP they previously sold, the asset has a stronger chance of rallying. Such accumulation could push $XRP beyond $3.40, marking a new milestone for the altcoin.
Conversely, if $XRP loses the $2.95 support before initiating a rally, investor sentiment could shift bearish. This scenario may trigger increased selling pressure, sending $XRP down to $2.73 or lower. Such a move would invalidate the current bullish-neutral outlook and expose $XRP to further downside risk.