Recently, XRP's price has come under significant pressure due to aggressive sell-offs by large holders, exacerbating market sentiment.
Pressure from Major Capital
Over the past ten days, large holders owning between 10 to 100 million tokens sold around 470 million XRP. This occurred amid a price slide that pushed the token below the $3.00 mark.
Profitable Supplies and Their Impact
Despite the recent slump, XRP continues to boast among the highest profit levels among major cryptocurrencies. More than 93% of the circulating supply remains in profit, with an average margin above 90% since mid-July. This prolonged period of profitability began after positive regulatory news and the conclusion of the legal battle with the SEC.
Short-Term Technical Signals
Short-term weakness is indicated by technical signals, with significant resistance at $3.00 and a key support area at $2.70. Recent price movements suggest there may be more selling pressure if the support is tested.
Based on current market conditions, XRP faces several challenges, including pressure from large investors and technical signals that may determine its short-term fate.
