XRP recently experienced a drop that wiped out the earnings made earlier in the week. This drop, associated with the sale of investor panic, has intensified market problems.
However, despite these challenges, many traders do not seem to be affected by recent developments and continue to focus on the capitalization of price increases.
XRP investors move to sell
In the past 24 hours, investors have sold 116.72 million significant XRP, worth more than $ 256 million. This sale of panic had just feared that the price will continue to drop, which encourages traders to go out before facing new losses. The large correction of the market contributed to this rush to the sale while the holders were trying to protect their profits.
This large -scale sale shows increasing uncertainty among XRP holders, especially since Altcoin faces the pressure downwards. Although market conditions are not favorable, traders seem to act out of fear rather than a clear analysis. This uncertainty could lead to greater volatility in the coming days unless a recovery emerges.
Despite the lowering market and the sale of investors, the XRP financing rate remains positive. This is a clear indication that there is always a group of traders confident in the potential of cryptocurrency, even during a market drop. These traders probably bet on the possible increase in prices, showing their conviction in the long -term growth of XRP.
The current financing rate in progress suggests that many believe that the slowdown will be temporary. Their continuous support, even in the middle of a market correction, highlights the potential for XRP to take up the momentum. The fact that there are still signals of interest that traders focus on the capitalization of future price increases, which potentially leads to recovery.
The drop in XRP prices could be reversed
At the time of writing this document, the XRP price is down 8% in the last four days, trading at $ 2.11. Altcoin is above the critical support of $ 2.08, although the recent sales pressure can continue to weigh on the price.
Loss of the level of local support of $ 2.08 could trigger a deeper drop for XRP. In this case, Altcoin could even test $ 2.00, marking a hollow of two months. Such a decision would suggest continuous market weakness, merchants and investors concerning the future orientation of XRP.
However, if XRP manages to maintain above $ 2.08 support, it could bounce back, just like in the past. A recovery after $ 2.13 would point out the possibility of a trend reversal, allowing XRP to increase around $ 2.20 and potentially invalidate the downstream perspectives.
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