XRP Rejected Again: Traders Brace for Volatility
After multiple unsuccessful efforts at a breakout, the price of XRP has again settled back to the crucial $2 level. This is indicative of market uncertainty. The altcoin has been pulled back toward its psychological floor by selling pressure that has greeted every effort to rise over near-term resistance.
XRP Selling Pressure Surges as Whales Exit Positions
Significant amounts of the whales’ holdings have started to be discharged. One million to ten million XRP wallets have sold almost 390 million XRP in the last seven days. This sum is worth more than $783 million at present values. This distribution level demonstrates the obvious dissatisfaction of high-value investors who anticipated a more robust recovery. This kind of selling usually has a big impact on the sentiment of the market, especially when it is led by a cohort that has a big impact on liquidity.
Long-term holders are resisting downward pressure in spite of whale distribution. According to HODL Waves statistics, the 1-year to 2-year cohort’s share of XRP supply rose from 8.58 percent to 9.81 percent during the previous week. This indicates that mature holders who purchased XRP less than a year ago are becoming more convinced. In spite of the continuous volatility, they are now opting to keep their tokens. The impact of whale selling is being lessened by this stability, which is keeping XRP at $2.
XRP Faces Stalemate: What Is Needed for a Breakout?
As of this writing, XRP is trading at $2.09, a critical level of technical and psychological support. Its significance in preserving market structure has been confirmed by the frequent return of price movements to this area in recent days. With long-term holder accumulation and whale selling exerting opposing pressure, XRP is likely to stay rangebound between $2.00 and $2.20. For the price to move outside of this range, a clear directional catalyst will be required. This trend of consolidation would need to be broken by a change in sentiment or better market conditions.
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