XRP's price saw a sharp decline to $3.04 amid a broad cryptocurrency selloff but later partially recovered. This article discusses the factors influencing price dynamics.
Price Hits Support Before Partial Recovery
XRP dropped around 4.39% earlier today to hit $3.04, then rebounding to approximately $3.08. The sharp price movements coincided with a significant selloff across the cryptocurrency market that resulted in over $1 billion in liquidations. Trading volume peaked at about $11.1 billion before cooling to $7.56 billion as of the current report. At one point, 436.98 million XRP was traded, marking the highest hourly volume of the quarter.
XRP Price Gains Linked to Large Wallet Activity
Analyst Crypto King indicated that XRP has moved past earlier phases of accumulation and manipulation. The current chart structure suggests the beginning of an expansion phase, with a price target of $7. On-chain data from Ali Martinez revealed that in the last three days, large holders bought about 320 million XRP, worth around $1 billion at current valuations. Such purchases can reduce near-term selling pressure.
Market Signals Traders Will Watch Next
Chart data shared by analyst CryptoBull indicated XRP trading in a symmetrical triangle on the 4-hour chart. This pattern often appears during consolidation before a potential breakout. XRP has retested its former resistance level, which is now acting as support. Traders are monitoring this pattern and large wallet activity for signs of continuation in the trend.
The recent price fluctuations of XRP and the active purchasing from large market players suggest possible shifts in the token’s future dynamics. Traders are focused on key support levels and signals of trend continuation.
