$XRP Large XRP players are creating problems
Selling pressure from whales is evident as they reduce their positions. Over the past week, addresses with balances between 10 million and 100 million XRP have sold around 400 million tokens, amounting to over $1.2 billion. These actions have heightened market uncertainty, causing volatility.
However, despite the whale sell-offs, Ripple's supply on exchanges has decreased. This indicates that small investors may actively support the price.
Over the last 24 hours, 77 million XRP worth $231 million have been withdrawn from exchanges. This accumulation supports the asset and prevents a drop below $3.00.
Retail investors' actions counter the whale sell-offs. This creates conditions for a possible price recovery. Large holders are putting selling pressure, but small investors help keep the price of Ripple stable above key support levels.
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Ripple's price is vulnerable
At the time of writing, XRP is trading above the $3.07 support. Recent dynamics show that XRP is unlikely to drop below $3.00, especially with strong support in place. This stability is crucial for a potential recovery.
If Ripple holds above $3.12, it could rise to $3.41, partially recovering recent losses.
Retail investor activity could push the price to this level, signaling a short-term recovery.
However, if selling pressure from whales intensifies, XRP could drop below $3.07. In this case, the price risks falling to $2.91, which would negate the bullish scenario.
