XRP Drops Despite Whale Activity: Price Falls Despite Geopolitical Relief
Over the past day, XRP has experienced significant downward pressure, dropping 3.82% in spite of widespread whale activity and a reduction in geopolitical concerns. Before a slight rebound to $2.09, the asset fell from $2.21 to a session low of $2.08. Following ceasefire deals in the Middle East, the larger cryptocurrency market made an effort to level off, but XRP’s momentum remained shaky as technical resistance grew near $2.17.
XRP Faces Pressure as Ripple Moves $439M Amid Ceasefire Optimism
Following reports that former US President Donald Trump assisted in mediating a ceasefire between Iran and Israel, which allayed some investor concerns, the market sentiment somewhat improved. Nevertheless, as traders responded to significant on-chain moves, XRP found it difficult to sustain recent gains.
Other whale accounts sent $58 million worth of XRP to centralized exchanges, while Ripple moved $439 million to an unidentified wallet. This circumstance prompted inquiries regarding possible internal reorganization or distribution.
XRP Bears in Control? Analysts Watch $2.14 Resistance and Descending Channel
Despite the attention these events garnered, the token’s failure to recover from the $2.14 level suggests underlying bearish momentum. The descending channel pattern of XRP is still being watched by technical analysts, who anticipate a breakout or breakdown between July and September. The $2.08–$2.09 range is still crucial to maintain for the time being.
Traders are encouraged to wait for directional confirmation and sustained volume before predicting the next significant move, as XRP is currently hovering close to a critical support zone. A significant push above $2.14 may invalidate the bearish setup and pave the way for a trend reversal, while a clear breach below $2.08 might lead to additional declines. The price movement of XRP over the next few weeks may determine how it develops during the rest of Q3, as market sentiment is still unstable.
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