XRP News Today: Ripple’s XRP Plummets 8% as Whale Selling Sparks Market Turmoil
Ripple’s XRP has taken a sharp 8% dive in the last 24 hours, with whale selling driving intense volatility. The token dropped from $3.17 to $2.90, with a staggering 259 million XRP traded in a single hour—four times the usual volume. Is this a temporary setback or a sign of deeper market trouble?
XRP News: Whale Activity Shakes the Market
Large holders, or ‘whales,’ have been offloading $28 million worth of XRP daily over the past 90 days. However, on-chain data reveals a twist: over 310 million XRP ($1 billion) has been accumulated during this dip, suggesting long-term investors are buying the dip. Key takeaways:
- Whales sold aggressively, causing the 8% drop.
- Simultaneously, large investors accumulated 60 million XRP.
- Exchange outflows indicate tokens moving to cold storage.
Ripple XRP: Critical Price Levels to Watch
Technical analysts highlight $3.23 as a major resistance level. If XRP breaks above this, bullish momentum could return. On the downside, $2.80 is short-term support, while $2.65 aligns with the 50-day EMA—a crucial zone for institutional interest.
XRP Volatility: Market Sentiment and Liquidation Impact
Exchange liquidations hit $107 million in a single day, mostly from long positions. Despite this, analysts remain cautiously optimistic, noting XRP’s resilience. Ripple CTO David Schwartz reaffirmed the XRP Ledger’s role in global liquidity solutions, providing stability amid the chaos.
XRP Price Outlook: Bullish or Bearish?
While short-term pressure persists, the monthly chart shows strong bullish momentum. Whales accumulating at lower prices suggest confidence in a rebound. Key factors to monitor:
- Whale accumulation patterns
- Hold above $2.65 support
- Broader altcoin market trends
In summary, XRP’s drop reflects whale-driven volatility, but underlying accumulation hints at long-term bullish sentiment. Traders should watch key levels and whale movements closely.
Frequently Asked Questions (FAQs)
Why did XRP drop 8% today?
Whale selling triggered the drop, with 259 million XRP traded in one hour—four times the average volume.
Are whales still buying XRP?
Yes, on-chain data shows whales accumulated 60 million XRP during the dip, suggesting long-term confidence.
What is the key support level for XRP?
$2.65 is critical, aligning with historical support and the 50-day EMA.
Is XRP still in a bullish trend?
Despite the drop, the monthly chart shows bullish momentum, and whale accumulation supports a potential rebound.
