XRP has seen a sharp decline in the market, leading to significant liquidations and changes in the activities of major holders. This article examines key events and their potential consequences.
XRP Liquidations: Analyzing the Situation
Last week, XRP reached its high of $3.45, but in recent days the price has dropped nearly 10%. The steepest decline occurred on Wednesday, when XRP decreased by 10.33%—the most significant drop since April 6. This drop triggered the third-largest liquidation of long positions on Binance this year, wiping out about $86 million in hours.
Whale Dynamics: What It Means for XRP
The downturn of XRP was also compounded by whale activity. Crypto analyst Darkfost noted that a wallet associated with Ripple co-founder Chris Larsen saw significant outflows of XRP, with over 50 million tokens recorded, totaling $140 million. This indicates a potential sell-off that has been ramping up since July 15, when 42 million XRP were withdrawn.
Current Support Levels for XRP
Despite recent price fluctuations, the market structure of XRP remains bullish. The previous high at $3.25 demonstrates a potential bullish structure shift. Key support levels lie at $2.95 and $2.64, which may act as important zones for buyers. Should the price fall below $3.00 and $2.64, it could indicate a potential trend change.
Amid current volatility, XRP remains within a bullish structure; however, whale dynamics and liquidity levels are essential factors for future trading decisions.
