Main Takeways:-
- Whale Alert shared that 53 million XRP, with a value of $ 118 million, were sent to Coinbase. This caused people to worry that many could sell their XRP.
- If XRP falls below $ 2, its price could drop to $ 1.74. But if it rises above $ 2.26, it could increase by 22%.
Are whales selling their XRP holdings?
Looking at the current market and XRP price movements, whales and merchants expect the price to decrease. This makes people wonder if XRP will maintain their support level or if they are preparing for a great fall.
Whale alert, a tool that observes large cryptographic movements, noticed that 53 million XRP, with a value of approximately $ 118 million, N was sent to Coinbase in the last 24 hours.
Until now, this great transfer of an unknown wallet to Coinbase has not been confirmed as a sale.
But this transfer occurred at the same time as the XRP price fell by 7%, which suggests that investors or whales could be preparing to sell.
In addition, these types of transfers generally come from whales and might mean that they expect the market to be blocked soon.
Merchants place $ 91 million in bearish bets in the midst of market uncertainty
In addition, the Coinglass XRP exchange map shows many short positions that grow between $ 1.96 and $ 2.26.
At $ 2,268, merchants have placed $ 91.66 million in total short bets, hoping that the price does not increase.
At the same time, merchants still have $ 43.60 million in short bets at $ 1,962, which makes XRP to increase unless the price moves strongly in a positive address.
This shows that merchants who bet on the price they decrease now are in market control.
Due to these great bets that expect the price to fall, it will be difficult for the XRP price to go above this level, which is now a strong barrier.
At this time, XRP is priced at $ 2.13, minus 2.65% on the last day. In addition, the negotiation volume increased by 75%, showing that more merchants are active during this slow price movement.
XRP price action and key levels
Ambcrypto says that XRP is testing the 200 -day mobile average at $ 2.08 and is just above the important support. Although the price fell 21%, the general trend is still positive, but the situation is weak and could change.
If the price falls below $ 2.00, the following important support is $ 1.74, which means that the price could fall by 13%. But if buyers take control and drive the price above resistance, XRP could increase 22% to reach $ 2.60.
At this time, XRP is caught between two sides: whales and merchants that are not safe and worried, and on the other hand, a strong support and possibilities that the price will rise.
Read also:- $ 11 million flow in ETF of Ethereum despite volatility
Discharge of responsibility: In Bitcoinik.com we present the most recent information in the encryption market. However, this information should not be considered as financial advice and viewers must consult their financial advisors before investing.
