Headlines
XRP faced considerable downward pressure recently, experiencing a 5.3% drop to $2.10, despite a backdrop of substantial transactions by major holders known as whales. The price of XRP slid from $2.21 to as low as $2.08 before slightly recovering.
Market Insights
- The crypto market showed signs of stabilization following reports that former U.S. President Donald Trump might have facilitated a ceasefire between Iran and Israel, alleviating some investor anxieties.
- However, XRP’s inability to maintain recent gains stemmed from large transfers, including Ripple’s movement of $439 million worth of XRP to an undisclosed wallet and additional transfers totaling $58 million to exchanges, raising concerns over potential distribution.
- Technical analysts are closely monitoring XRP’s descending channel with expectations of significant price movements between July and September, while the vital support level from $2.08 to $2.09 remains crucial.
Price Dynamics
Over the past 24 hours, XRP’s decline from $2.21 to $2.10 occurred within a $0.13 range. The most intense selling was noted between 12:00 and 16:00 UTC, marked by trading volumes surpassing 99 million XRP. Notably, technical resistance was established at $2.17, with multiple price rejections above $2.12 later on.
In conclusion, despite the recent whale activity, XRP’s price consolidation highlights ongoing bearish sentiment, necessitating close observation of the established support levels.
