This week, XRP's price has been at the center of attention due to unexpected market fluctuations. Despite price drops, large holders significantly increased their positions, raising interest in potential trend changes.
Overview of XRP Price Situation
This week, XRP has become a topic of discussion due to significant changes in its market capitalization. On August 15, large holders acquired 120 million XRP in a single day while the token's price fell by 8%. Over the last seven days, XRP's market cap has decreased by 15 billion dollars, with the current token price hovering around 3.08 dollars.
Daily XRP Chart Analysis
On XRP's daily chart, several key levels can be identified:
* Support Level: XRP price is finding critical support around the 3.00–3.10 dollar range. * Resistance Levels: The nearest resistance level is in the 3.35–3.50 dollar range. * Trend Context: After a significant rally in mid-July, XRP is currently showing signs of consolidation and indecision.
Short-Term Outlook
In the short term, XRP is likely to range between 3.00–3.35 dollars until volume returns to normal. A decisive close above 3.50 dollars may indicate a bullish trend, while a break below 3.00 dollars could lead to testing support at around 2.85 dollars.
In conclusion, the current state of XRP, along with the combination of whale accumulation and price consolidation, suggests a possible trend change in the coming weeks. Future market fluctuations will determine whether XRP can rise to new heights or test deeper support levels.
