Recently, a prominent crypto expert posted on X (formerly Twitter) that crypto whales have dumped over 70 million XRP tokens onto exchanges in the past four trading days. This massive sell-off has garnered significant attention from crypto participants. The market considers such dumps as a bearish signal, potentially leading to a notable price decline, which is currently reflected in the XRP price.
๐๐๐ฟ๐ฟ๐ฒ๐ป๐ ๐ฃ๐ฟ๐ถ๐ฐ๐ฒ ๐ ๐ผ๐บ๐ฒ๐ป๐๐๐บ:
The asset is currently trading near $2.97 and has experienced a price decline of over 4.45% in the past 24 hours. During the same period, its trading volume has remained stable, showing no significant change.
๐ซ๐ฅ๐ฃ ๐ง๐ฒ๐ฐ๐ต๐ป๐ถ๐ฐ๐ฎ๐น ๐๐ป๐ฎ๐น๐๐๐ถ๐ ๐ฎ๐ป๐ฑ ๐๐ฒ๐ ๐๐ฒ๐๐ฒ๐น๐:
According to expert technical analysis, XRP has been moving within a descending parallel channel on a daily timeframe. However, the price has formed a bearish engulfing candlestick pattern and appears to be declining.
๐ฆ๐ผ๐๐ฟ๐ฐ๐ฒ: ๐ง๐ฟ๐ฎ๐ฑ๐ถ๐ป๐ด ๐ฉ๐ถ๐ฒ๐:
Based on recent price action and historical momentum, there is a strong possibility that XRP could drop by over 8.5% to reach its support level at $2.75.
Despite the bearish market outlook, the altcoin has managed to hold above the 200 Exponential Moving Average (EMA) on the daily timeframe, suggesting that XRP is in an uptrend.
๐ง๐ฟ๐ฎ๐ฑ๐ฒ๐ฟ๐โ ๐๐ฒ๐ฎ๐ฟ๐ถ๐๐ต ๐ข๐๐๐น๐ผ๐ผ๐ธ :
Looking at the bearish price action, traders are strongly betting on the downside, as revealed by CoinGlass data. At press time, $2.91 is a level where bulls are over-leveraged, holding $28 million worth of long positions. Conversely, short sellers are over-leveraged at the $3.10 level, holding $56.30 million worth of short positions.
