XRP Breaks Key Resistance, Market Frenzy! But Whales Transfer $68.7 Million XRP, Reversal Risk Intensifies!

XRP price has broken through the significant resistance level of $2.26, marking the beginning of a strong rebound, surging 6.73% within just 24 hours, and breaking through to $2.32. Market sentiment is high, with targets aimed at $2.61 and $2.90. However, a whale transferred $68.7 million worth of XRP to Coinbase, raising concerns among traders, potentially introducing uncertainty to this rally.

Can the whale's fund transfer reverse the upward momentum?

Although the market breakout and technical indicators show bullish signals, the whale's fund transfer suggests possible selling pressure. If the $2.26 support level is breached, XRP may face a short-term pullback, or even trigger broader market volatility. Currently, the proportion of long positions in the market is too high, and this imbalance could exacerbate price fluctuations.

On-chain activity and social heat are boosting, but market sentiment is complex.

Despite increased on-chain activity, the network value to transaction volume ratio has decreased, indicating rising demand, and social heat has also climbed, reviving retail interest. However, the movements of whales and the fragility of market sentiment remain potential risks. If XRP can stabilize above the $2.26 support level, there is still hope for continued upward movement, even challenging the $3 mark.

XRP has great rebound potential, but careful management of market risk is needed to ensure sustained buying support. Without effective support and stable market sentiment, a sharp volatility could strike at any moment.