Ripple (XRP) is heavily impacted amid a volatile market and is at a threshold of 'all or nothing'. The daily chart shows that this altcoin has dropped over 7% in just one day, pulling the price down to the support level of $2.04 and nearing the 200-day EMA line.
Are whales selling XRP?
With the current market structure and XRP's price action, whales and traders remain very pessimistic, raising the question of whether the price can hold this support level or is preparing for a plunge.
The on-chain data tracking tool Whale Alert has detected a large transaction of 53 million XRP (worth approximately $118 million) that was transferred to Coinbase in the past 24 hours.
So far, the large transaction from an anonymous wallet to Coinbase has not been confirmed as a sell-off. However, the timing of the transaction coincides with the recent 7% drop in XRP, suggesting that investors or whales may be preparing to sell.
Additionally, such large money transfer transactions are often related to whales and may indicate that they are hedging against a potential market collapse.
Traders bet $91 million on a bearish outcome.
The XRP liquidation map on exchanges from CoinGlass shows that Short positions are accumulating strongly in the price range of $1.96 to $2.26.
At $2.268, traders have accumulated a total of $91.66 million in leverage at Short positions, betting that XRP will not be able to breakout.
At the same time, about $43.6 million worth of Short positions are still active at $1.96 — creating a 'bearish belt' that XRP will find it very difficult to overcome without a strong upward shift.
Source: CoinGlass
This index shows that traders holding Short positions currently dominate and control the market. Moreover, due to these strong bearish bets, it will be very challenging for XRP to surpass the current price, as it is currently acting as a strong resistance zone.
At the time of writing, XRP is trading at $2.18, down 0.62% in the past 24 hours. Notably, trading volume has surged by 75%, reflecting stronger participation from traders during this consolidation phase.
XRP price action and key milestones.
XRP is retesting the 200-day EMA at $2.08, while also lying just above the important horizontal support zone. Despite the 21% downward adjustment, the overall trend still leans bullish — however, the current structure is clearly very fragile.
Source: TradingView
If the price breaks below the $2 mark, the next important support level will be at $1.74, indicating a potential drop of 13%. Conversely, if the bulls regain momentum, a breakout above the resistance zone could help XRP surge 22% to $2.60.
Currently, XRP is stuck between two opposing forces: uncertainty from whales as well as the pessimistic sentiment of traders and long-term support along with the potential for a breakout.
https://tapchibitcoin.io/ca-voi-chuyen-53-trieu-xrp-lam-rung-chuyen-thi-truong.html