- XRP faces selling pressure, whales offload 1.18 billion tokens.
- Key support at $1.92 breached, XRP’s price could drop further.
- Technical indicators suggest XRP nearing oversold, possible correction to $1.
According to Ali Martinez, XRP may be facing a significant downturn as the cryptocurrency market is experiencing an intense wave of selling activity. Over the past month, whales have sold off a massive 1.18 billion XRP tokens, creating significant downward pressure on the asset. This surge in selling has driven XRP below the critical $1.92 support level, triggering concerns that the price could continue to fall.
Whales have been particularly active, dumping large amounts of their holdings. This behavior signals a potential bearish shift in market sentiment. As XRP struggles to maintain its support, the chances of a further price decline toward the $1 mark have significantly increased, according to experts.
XRP’s Potential for a Sharp Drop
The increased selling pressure, combined with XRP’s inability to hold above $1.92, has created uncertainty in the short term. While the cryptocurrency market remains volatile, XRP’s recent performance suggests that it could be on the brink of a sharp drop. If the price continues to trend downward, it may test even lower support levels, with the $1 mark now in focus.
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Despite XRP’s long-term potential, the current short-term outlook is less promising. Market watchers are closely watching whether XRP can stabilize or if the selling momentum will push it to new lows. A further dip below $1.92 could signal even more bearish movement, potentially driving the asset toward the $1 level.
Current XRP Price Action and Technical Indicators
XRP is currently trading at $1.90368, showing a loss of 1.32% for the day. The price is testing critical support near the $1.90 mark after a series of red candles. The Bollinger Bands suggest reduced volatility, but the prevailing downward trend remains evident. The Relative Strength Index (RSI) stands at 36.35, indicating that XRP is approaching oversold conditions, which could lead to either a rebound or further price declines.
Source: Tradingview
The technical indicators support the view of a potential correction, with XRP hovering near its lower support zones. If XRP fails to recover quickly, it could face further downside pressure, with the $1 support level becoming increasingly likely.
With whale activity continuing to influence the price, XRP’s trajectory will largely depend on how the market reacts in the coming days. Investors should monitor the ongoing developments to assess the likelihood of a rebound or a deeper correction.
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