XRP giants sell $780 million, will the price drop below $2?

The price of XRP returned to the critical level of $2 after several attempts to break the area, reflecting the uncertainty in the market.

Any attempt to rise above the short-term resistance causes selling pressure, bringing the altcoin to this psychological barrier.

XRP holders are in a war

The whales began to unload a large part of their possessions. In the last seven days, wallets containing between 1 million and 10 million XRP have sold more than 390 million XRP, worth more than $783 million at current prices.

Sponsored

Sponsored

These distribution levels appear Clear frustration among high value holders That they expected a stronger recovery. This sale usually greatly affects market sentiment, especially if it is led by a group that can significantly affect liquidity.

Want more insight on currencies? Subscribe to editor-in-chief Harsh Notariya’s cryptocurrency newsletter here.

Despite the distribution of whales, long-lived members are facing downward pressure. HODL Waves data shows that the share of XRP supply held by the 1-2 year intraday segment increased from 8.58% to 9.81% in the past week.

This indicates a growing belief among mature carriers that Since owning XRP Less than a year ago, they chose to hold their tokens due to volatility. This stability helps XRP stabilize at $2, mitigating the impact of the whale sell-off.

The XRP price is on the decline

XRP is trading at $2.00 at the time of writing, which is a crucial psychological and technical support level. In recent days, prices have repeatedly moved towards this point, underlining its importance in maintaining the structure of the market.

Given the adverse pressure from whale sales and the accumulation of long-term holders, it is likely that… XRP remains Confined to a range between $2.00 and $2.20 until a clear trend emerges. A change in sentiment or improving market conditions is needed to break this consolidation pattern.

However, if the downward momentum strengthens and whale sales increase, it could… Hack XRP Support is $1.94. Such a breakdown would expose the price to a deeper decline towards $1.85, invalidating any short-term bullish outlook.