XRP Price Prediction: Whales Dump 2.23B Tokens, Testing $2 Support
The XRP price continues to be bearish under extreme market volatility. In the last week, almost all major digital assets lost the bullish trend, and the losses for Ripples token were the most extreme. With aggressive actions from large holders, the weak XRP selling technicals added uncertainty, which continued in the market over the week.
XRP Price Signals Possible Retest Before Rebound
For market watchers, the last six week Bear market was the most extreme case of EBITDA for XRP which currently is in a descending triangle with the pattern of the 2.72 line of support and the 2.72 areas of gain. With a price of 2.47, XRP has lost over 5% of its gain in the previous 16 hours of trading, the selling continues with little support the primary market continues to show lower price trends to break 2.5.
The loss of support for the October 10 Bear market came with the loss of accumulation range, as stated previously for the expected range over 2.5 corrective measures of standard market structure must be expected. The SAR shows clear evidence of market breakdown with upper candles and leading the market bearish trend.
The $2.00–$2.39 support range is historically important as it is associated with rebounds. If this range potentially holds, there is a possibility of a technical bounce. However, dropout below $2 will likely stimulate further declines.
Whales Sell 2.23B XRP, Amplifying Market Fear
Increased whale activity is XRP decline’s notoriety catalyst. Since Friday, 2.23 billion XRP tokens have been reported sold, with unsold tokens noted by analyst Ali Martinez. This whale selling is XRP’s inability to defend $2.72 support level.
Since then, more XRP has been sold, further reducing market liquidity. This makes it more difficult for XRP to stage a quick recovery as retail investors are now more hesitant to buy.
Meanwhile, Spot Taker CVD data indicates strong Taker Sell dominance, displaying that selling pressure is market driven. With XRP now $2.00 demand zone, this could trigger further accumulation in line with historically documented recoveries following selling pressure. However, with market sold pressure liquidity managed through glyph like weak technicals, remains in this short outlook.
Outlook: $2 as the Key Test Level
As whales begin to offload large amounts of XRP and essential technical supports weaken, the overall sentiment around the price of XRP continues to be bearish. The $2 level has become a key pivot point determining whether XRP will continue to fall or show some recovery.
Should the bulls defend this zone, it will be likely that XRP will return to $2.72, however a breakdown below this will likely lead to deeper losses that will need to be worked off before any potential reversal.
