XRP price shows resilience above $3 but faces significant resistance, especially at the $3.05 and $3.15 levels. Meanwhile, whale activity shows an ongoing exit from the asset.
Pressure on XRP Price
XRP price hovers above $3 after a 7% increase over the week, coinciding with a broader market rebound. However, the price hits significant resistance at $3.05, making further growth challenging, particularly due to a lack of support from whales and institutional investors.
Whale Selling of XRP
Multiple transactions from unknown whale wallets have been reported recently. For instance, Whale Alert noted a transfer of 17.84 million XRP ($52 million) from an unknown wallet to Coinbase. As whales have been exiting XRP since August, it is apparent that they continue profit booking after reaching a price peak of $3.65.
XRP Price Predictions
Analyst Ali Martinez outlined two bullish scenarios for XRP's price rise. The first requires breaking above $3.05 for a surge towards $3.6. Meanwhile, the second scenario suggests a dip to $2.8, corrected by breaking above $2.9 and ultimately reaching $3.6. However, both scenarios hinge on confirming a breakout above the $3.15 resistance level.
XRP price continues to face pressure at key levels, while whale activity indicates a slight ongoing exit from investors. Expectations around the XRP ETF also significantly influence market perceptions.
