XRP hit a new peak of $3.65 last week, but has since fallen sharply to around $3.09. This pullback resulted in the liquidation of a significant volume of open positions.
General Trends of XRP
Ripple (XRP) reached a new high of $3.65, surpassing its 2018 record. Since the spike, the price has decreased to around $3.09. Analysts state that this retracement cleared nearly $1.3 billion in open interest, about 30% of the total market volume, seen as a typical leverage reset post a sharp rally.
Chart Signals Remain Favorable
On the daily timeframe, both XRP/USD and XRP/BTC printed Dragonfly Doji candles, indicating potential reversal or upcoming movements. Analyst CryptoWZRD noted that the configuration remains constructive as long as momentum is positive. He forecasts possible returns to $3.30, then $3.65, and potentially to $4.60 if resistance levels break.
Whale Sell-Off on Upbit
A large XRP sell-off on the Korean exchange Upbit intensified recent volatility, with around 75 million XRP sold, leading to a price drop of approximately 15% and triggering around $90 million in long position liquidations. With volumes lowered and price near critical support, the coming days will be crucial to determine if buyers will come back or if the trend weakens below $2.80.
In light of XRP's sharp drop, analysts are monitoring key support levels and market dynamics that may significantly influence future developments.
