$XRP Ripple investors are shifting to sales.
In the last 24 hours, investors sold 116.72 million XRP tokens worth over $256 million. The panic sell-off was triggered by fears of further price declines. This prompts traders to exit the market to avoid further losses. The overall market correction has intensified this trend, as holders sought to protect their profits.
This massive sell-off highlights the growing uncertainty among Ripple holders, especially under pressure on altcoins. Although market conditions are unfavorable, traders are acting more out of fear than analysis. Such uncertainty may lead to greater volatility in the coming days if recovery does not occur.
Despite the bearish market and sell-offs, XRP's funding rate remains positive. This indicates that there are traders confident in the asset's potential, even in a downturn.
They are betting on future price growth, demonstrating confidence in Ripple's long-term potential.
A positive funding rate indicates that many believe the decline is temporary. Such support, even amid a market correction, underscores the potential for recovery.
The price of XRP may reverse its decline.
At the time of writing, the price of Ripple has fallen by 8% over the past four days. The altcoin is holding above the critical support level of $2.08, but selling pressure may continue to affect the price.
The loss of the support level of $2.08 could lead to a deeper decline in XRP. The altcoin may test the $2.00 mark, which would become a two-month low.
Such a movement would indicate ongoing weakness in the market, causing additional concern among traders and investors.
If XRP holds above $2.08, it may bounce back again, as has happened in the past. A rise above $2.13 would indicate a possible trend reversal. This would allow XRP to rise to $2.20 and possibly negate the bearish scenario.
