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$XRP has shown significant volatility in recent days, reflecting uncertain investor sentiment. Despite major price fluctuations, $XRP is holding steady around $3.00, mainly due to the mixed actions of investors.
Whales’ decisions to sell a large amount of $XRP are influencing the price movement.
$XRP Whales Spell Trouble
The selling pressure from whales is evident, as large holders are reducing their positions. Over the past week, addresses holding between 10 million and 100 million $XRP have sold approximately 400 million $XRP, worth over $1.2 billion.
This move has contributed to the uncertain price movements, pushing the market into a period of volatility.
Despite the selling by whales, the $XRP supply on exchanges has decreased. This means that other small investors might be actively working to stabilize the price.
In the last 24 hours, 77 million $XRP, valued at $231 million, were withdrawn from crypto exchanges. This continued accumulation by investors supports the price and prevents $XRP from making a sharp decline below the $3.00 level.
Investors’ behavior seems to counteract the large-scale selling by whales, which provides a foundation for potential price recovery. While whales dominate the market’s selling pressure, other smaller investors are helping keep the $XRP price steady.
The active buying behavior of these investors, combined with a positive net position, is crucial in holding the price above key support levels. These efforts could lead to a potential upward movement.
$XRP Price Is Vulnerable
At the time of writing, $XRP is trading at $3.09, holding above the support level of $3.07. The recent price action indicates that $XRP is unlikely to fall below $3.00, especially with strong support in place. This stability is essential for a potential recovery.
If $XRP can secure $3.12 as its next support level, it could rise to $3.41, recovering some of its recent losses. The buying activity from retail investors may help push the price toward this higher level, signaling a potential rebound in the short term.
However, if the whales’ selling pressure continues to intensify, $XRP could fall through the support at $3.07. In this case, $XRP might dip to $2.91, invalidating the bullish outlook and potentially triggering further declines in price.
The post $XRP Price Finds Support at $3 Even as Whales Note $1.2 Billion Sell-Off appeared first on BeInCrypto.