Recent weeks have seen significant activity in the XRP market, especially among large token holders. Analysis shows that whales have started actively offloading their assets.
Whale Token Sales
Since July 9, large XRP holders have sold approximately 640 million tokens, which at current prices exceeds $1.91 billion. Most of this sell-off occurred while XRP traded between $2.28 and $3.54. This is the second time this year that whales have distributed during price rallies.
XRP Market and Support Levels
To maintain stability, XRP must hold above the $2.65 mark. Traders believe that growing bearish divergence between price and momentum could lead to a drop to $2. This aligns with recent higher price points, while the relative strength index (RSI) indicates a downturn.
Short-term Predictions for XRP
Analysts point out the necessity for accumulation by large holders to improve market structure. 'Currently, there are no signs of consistent accumulation from large holders, which is a key component for a trend reversal,' says an analyst from CryptoQuant.
Given the active selling of tokens by whales and the lack of confident positioning from major holders, XRP is under pressure for correction. Market conditions and support levels must be monitored closely in the coming days.
