XRP Drops 20% to $2.09 – Will Whales Trigger a Price Rebound?
XRP has seen high volatility, plunging 20% from $2.62 to $2.09 in the past week.
The price drop has sparked renewed speculation, especially as large XRP holders, known as whales, are making substantial transactions.
A 167 million XRP transfer ($367.7 million) between unknown wallets has raised questions about market intent. If these funds move to an exchange, it could indicate a looming sell-off. However, if the XRP remains in private wallets, it may suggest whale accumulation, which historically signals a potential price rebound.
As XRP hovers above critical support, traders are watching closely—will the next move confirm a further decline, or are whales setting up for a bullish reversal?
167M XRP Whale Transfer Raises Questions
On-chain analytics firm Whale Alert detected a massive 167 million XRP transfer, adding to speculation over whale activity. The lack of exchange movement has left investors questioning the motive behind this transaction.
Possible Scenarios:
Exchange Deposit: If XRP moves to an exchange, it may indicate a sell-off, adding downward pressure.
Private Wallet Accumulation: If the XRP remains in private wallets, whales could be accumulating for a future price surge.
Institutional or OTC Trade: The movement could signal large-scale institutional positioning, rather than a direct market impact.
Whale movements have historically influenced XRP’s price, making this transaction a crucial indicator for short-term market direction.
XRP’s Technical Setup: Can Bulls Break $2.22?
From a technical perspective, XRP is showing signs of stabilization after bouncing from $1.95, a critical support level that aligns with the lower trendline. However, the bearish trend remains intact, with price action still below key resistance.
Key Technical Levels:
Immediate Resistance: $2.22 – A breakout here could open the door for a push to $2.41 and $2.63.
Support Levels: $1.95, with deeper declines possible toward $1.76 and $1.58 if selling continues.
50-Period EMA: $2.31 remains a strong resistance level, indicating ongoing bearish momentum.
A move above $2.22 would shift sentiment in favor of buyers, while failure to break out could lead to further losses. Traders should watch for volume spikes and exchange inflows to determine the next price move.
Will XRP Whales Spark a Bullish Rebound?
Market uncertainty remains as XRP fluctuates near support. If whale accumulation continues, traders may see a price rebound in the coming weeks. However, if large holders begin offloading on exchanges, the bearish trend could extend further.
For now, all eyes are on whether XRP can reclaim $2.22—a critical level that could define the next market direction.
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