Summary

XRP recently dropped to $2.97, marking a decline of 5.4% amidst intensified retail selling pressure, despite significant purchases by whale investors.

Main Points:

• XRP declined sharply, with a notable retail sell-off leading to a price drop from $3.14 to $2.97 within 24 hours.
• Whales purchased 440 million XRP during this dip, amounting to approximately $3.8 billion, indicating potential accumulation against retail selling.
• A symmetrical triangle formation suggests a potential price breakout near $3.90 if resistance levels at $3.08 to $3.14 are surpassed.

Additional Context

-The recent decline in XRP is coupled with broader market weakness, as increased risk aversion reshapes the cryptocurrency landscape.

Technical Insights

• The current resistance is pegged between $3.08 and $3.14, while support has materialized around the $2.96 to $2.97 mark.
• The emergence of a golden cross signal was observed last week, yet no follow-through has occurred thus far.