XRP is experiencing a sharp correction after reaching its yearly peak. This article discusses the current market trends and key price levels.
Current Market Situation of XRP
XRP is undergoing a significant correction, down 19% since its yearly high of $3.65 on July 18. The price is currently fluctuating around the $3.10-$3.00 resistance zone, facing strong selling pressure.
Whale Activity Dynamics
According to CryptoQuant, over the past three weeks, large holders of XRP, known as 'whales', have been steadily offloading their assets. From July 9 to August 5, the 90-day moving average of whale netflows shows a negative 640 million XRP, approximately valued at $340 million.
Key Support and Resistance Levels
The crucial support level for XRP is at $2.65. This level previously acted as significant resistance and has now flipped to support. A drop below this level could lead to further declines, indicating market weakness.
XRP is facing important support and resistance levels amidst the current correction. The coming days will be decisive for the future price movement and market structure.
