XRP attracts attention due to significant price fluctuations influenced by investor actions. Sales by major holders have a substantial impact on the market.
The Impact of Whale Selling Pressure
Investors holding vast amounts of XRP have been reducing their portfolios, causing volatility in prices. Reports indicate that addresses holding between 10 million and 100 million XRP have sold approximately 400 million XRP in the last seven days, translating to a value exceeding 1.2 billion dollars. These sales are asserted to exert pressure on the market, directly impacting price movements.
Investor Behavior Provides Price Support
In the past 24 hours, 77 million XRP has been withdrawn from exchanges, corresponding to 231 million dollars. This hoarding action by investors prevents an abrupt drop of XRP prices below 3 dollars. Experts point out that the buying stance of individual investors acts as a vital counterbalance to the selling pressure created by whales. A sector representative commented, 'The active buying behavior of small investors helps the price stay above critical support levels.'
Critical Levels and Expectations for XRP
At the time of writing, XRP is trading at 3.09 dollars, staying above the support level at 3.07 dollars. Experts believe maintaining this level is crucial for any potential recovery. Should XRP secure the next support level at 3.12 dollars, evaluations suggest the price could rise to 3.41 dollars. Investor demand is predicted to drive the price upward, suggesting a possible short-term recovery.
Despite the pressure from major holders, active actions by retail investors provide price support. The resilience against selling and current support levels may foster growth potential in the future.
