XRP Whale Sell-off Triggers Alarm: 30% Correction Risk Approaches
Recently, XRP market volatility has intensified. On-chain data shows that since July 9, the top ten addresses have cumulatively sold 640 million XRP, raising concerns about the scale of capital outflow.
This sell-off is concentrated in the range of $2.28 to $3.54, contrasting with the accumulation period from January to April. Although some may be internal adjustments, analyst Enigma Trader points out that there is currently a lack of sustained buying signals from large holders, which may continue the market's structural weakness.
Technically, bearish signals are present: while the weekly XRP price has reached new highs, the relative strength index continues to decline, forming a "price and momentum divergence," similar to the characteristics at the market top in 2021, indicating a depletion of upward momentum. Coupled with the recent decline in rebound volume, signs of weakened bullish strength are evident.
The key support level of $2.65 has become a short-term dividing line between bulls and bears.
If this level is lost, the price may test the area where the 20-week and 50-week moving averages converge, with a potential drop of 30%.
Shenlong suggests that investors closely monitor the changes in large holders' positions and the weekly RSI trend, strictly control their positions, and be wary of correction risks.
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