🐳 $3.15 BILLION XRP Bought: Can Whales Defend $1.75 Support? 🚨📉
Amidst high volatility, XRP investors have massively accumulated the coin during the recent drop. This activity highlights a new, critical floor and the ongoing battle against selling pressure.
The New Support Floor
On-chain analyst Ali Martinez spotted a massive move: 1.80 billion XRP (worth approx. $3.15 billion) was acquired as the price fell toward $1.75.
Key Support: This huge accumulation volume makes the $1.75 level a new, significantly strong support zone. Investors are likely to step in here to prevent further declines.
The buying happened despite the post-SEC regulatory excitement cooling down, highlighting organic demand near these lows.
The Battle at $2.00
XRP is pushing away from the new floor but faces stiff resistance at the $2.00 mark.
Rejection: XRP was recently rejected after hitting $1.99, failing to reclaim the $2.00 zone.
Volume Dip: This rejection was worsened by a significant 29% drop in trading volume, meaning the buying force lacks momentum.
The Whale Factor: The resistance is compounded by a recent massive 200 million XRP ($400 million) dump from whale wallets, creating oversupply.
Conclusion
While XRP's overall bull structure remains intact according to technical indicators like the Bollinger Bands, the immediate test is whether the $1.75 institutional support can hold firm against continuous whale selling at the psychological $2.00 resistance. Volume is the key catalyst needed for a breakout.
#xrp #OnChainAnalysis #AliMartinez #supportandresistance
