Are we on the verge of a rocket launch or a new downturn? Let's dive into analyzing what is happening behind the scenes.
The dark side: bears are flexing their muscles
To be blunt, the technical picture looks somewhat worrying. XRP is stuck in a downward trend in the medium term, and most technical indicators, especially the Moving Averages, are showing red and giving clear 'sell' signals. This means that selling pressure remains strong and warns us against rushing into buying.
What is most concerning is what the blockchain data reveals: between June 11 and 13, we observed significant flows of XRP from large whale wallets to trading platforms.
Historically, this movement could be an indicator that major players are preparing to sell, increasing pressure on the price.
Glimmer of hope: bulls are preparing for a counterattack
XRP has shown remarkable resilience at the strong support area between $2.06 and $2.085. Continued defense of this level means that there are strong buyers entering the market whenever the price drops.
And the most important signal also comes from the whales, but this time positively. On June 19, we witnessed massive withdrawals of XRP from the Binance platform. Typically, when large investors withdraw their coins from exchanges to their private wallets, it indicates their intention to hold them long-term (accumulation), reducing the available supply for sale and supporting the price.
Summary:
We are now in the midst of a real battle between two forces: selling pressure from technical indicators and the movements of some whales, versus strong support and hopes for accumulation from other whales.
Key resistance level: $2.15. A strong breakout above this level with an increase in trading volume could be the spark that ignites the upcoming rally.
Critical support area: $2.06. Breaking this level could open the door for further declines, and we might see a test of the $2.00 level.
In your opinion, will the accumulation power prevail and push XRP to break the resistance, or will the selling pressure have the final word?
👇 Share your analysis and predictions in the comments
