Key Insights
- Ripple investors have lost around 23% in a week.
- XRP price has traded near the significant support level of $2.
Despite intense buying pressure in November, Ripple (XRP) price did not rise further. Moving ahead, XRP USD has experienced a period of correction since December.
The $2.8 resistance level has been in the price’s path. Buyers, however, made an unsuccessful attempt to raise the price.
In the final week of February, XRP price faced selling pressure near the $2.80 mark. Sellers managed to pull the price down to the $2 support zone.
XRP Price At Support: Can It Skyrocket Soon?
When writing, XRP USD was trading at $2.16, which has surged by 5.29% over the past 24 hours. The market capitalization was $124.74 Billion, and the 24-hour trading volume was around $5.15 Billion.
Technical analysis showed that XRP price was straying within the $2 major support zone. Since December, the token has been protecting this support area. Pulling the price down below this level would be difficult.
A bullish rally is visible if XRP USD forms any bullish candlestick in this area. Buyers may target the $2.80 resistance zone once the price leaves this range.
Moreover, a bullish rally can be expected if the XRP price initiates a breakout from the $2.8. Bulls might be drawn in by a successful breakout from this zone. Furthermore, the price might reach a new all-time high (ATH).
However, buyers might lose steam if the token cannot hold the $2 mark. There will be significant selling pressure if the price remains below $2.
According to the technical indicators, the Ripple price might rebound. RSI has slipped below the RSI-based moving average. This displayed a bullish divergence, which might lead to a bullish trend.
Whales Doing Add-ons As Short-term Holders Offloading XRP
Whale wallets with 1M to 100M XRP have subtly increased their holdings as XRP has struggled around $2.12. This absorbed the recent selling pressure from short-term traders.
The Spent Coins Age Band metric indicated that holders from the 1D-7D and 90D-180D cohorts led the recent sell-off. They reduced losses or took profits before further declines.
Santiment data demonstrated that XRP USD whales have profited from the crash since Monday. They have been doing this by accumulating enormous quantities of tokens.
XRP Price Forecast Amid Buy Dip
The current market dynamics surrounding XRP price indicated a critical juncture for investors. With the price hovering around the major support level of $2, the potential for a bullish rally exists. That could be seen if the price breaks above the $2.80 resistance.
Despite recent selling pressure and a 23% loss for Ripple investors over the past week, the accumulation of XRP by whale wallets suggests confidence in the asset’s future performance.
However, the inability to maintain support at the $2 mark could lead to increased selling pressure. The next movements in XRP USD will significantly depend on market sentiment. Additionally, the ability of buyers to regain momentum in this pivotal range is crucial.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
