XRP has been on a coherent downward trend in recent days, its price falling sharply and approaching the $ 2 mark. This has led to prolonged losses for cryptocurrency, with a significant increase in sales pressure.
Despite the lower dynamic, the main investors try to compensate for the negative impact.
XRP whales are uncertain
Whale activity was a major factor contributing to the recent drop in the price of XRP. The addresses holding between 100 and 1 billion XRP sold more than 1.12 billion XRP, worth 2.34 billion dollars in the last seven days. This reduced their total assets to 8.98 billion XRP.
The activity of sale of these whale addresses reflects a prudent perspective for XRP. Although the sale of whales often indicates uncertainty on the market, it is important to note that their behavior can also have significant short -term price movements. The recent heavy sale could point out that market players are not sure of short -term prices action, and other lowering trends could follow if it continues.
In terms of the wider market, the macro time of XRP shows signs of divergence from the sale of whales. The living metric, which follows the behavior of long -term holders (LTH), is currently decreasing.
A decrease in liveliness generally indicates that LTH accumulates the assets more at lower prices rather than selling. This decrease to a hollow of three months suggests that long -term holders stick to their conviction and accumulate the XRP, even if the sale of whales is intensifying.
The regular accumulation of LTHs could help to amortize the lowering effects created by whales. This behavior can counter sales pressure, potentially offering stability at XRP prices and support a recovery if market conditions are improving.
The XRP price must find a direction
The price of XRP dropped by 14.5% this week, which brought it to $ 2.09, which is dangerously close to losing the level of critical support of $ 2.02. The current dowry momentum has created mixed signals on the market, which are likely to keep the price stuck in a narrow fork at the moment.
If XRP can bounce back on the $ 2.02 support, it could recover some of the recent losses. However, Altcoin can remain consolidated below the level of resistance of $ 2.27, unless more positive news or market conditions occur above.
If XRP crosses the barrier of $ 2.27 or falls below $ 2.02, it could invalidate the current consolidation prospects. A successful violation of $ 2.27 could open the way for a price resumption, $ 2.56 being the next significant target.
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