- Whales sold 60 million XRP, signaling potential market uncertainty ahead.
- Bollinger Bands tightening suggests XRP could be primed for a breakout.
- XRP faces resistance at $3.19, with support levels at $2.50 and $1.50.
XRP has recently witnessed significant price movements and whale activity. According to Ali Martinez, whales have sold 60 million XRP in the past 24 hours, raising concerns about market direction.
Furthermore, analysis by Steph is Crypto highlights a tightening of the Bollinger Bands on the daily chart, signaling a potential breakout. The last time this happened, XRP saw an explosive 490% price surge. While history may not repeat exactly, these indicators suggest that the market could be setting up for a significant move.
Spot Inflow and Outflow Trends
As per Coinglass data, From mid-March to early November, XRP witnessed consistent outflows, reflecting sustained selling pressure and investor caution. During this period, XRP’s price stabilized between $1.00 and $1.50, with negligible inflows indicating a lack of bullish momentum.
A notable shift occurred in mid-November when net inflows surged. This inflow spike propelled XRP’s price from $1.50 to $3.00 by December, driven by heightened demand and optimistic sentiment. However, the rally faced resistance at $3.19, marking a critical threshold.
Key Support and Resistance Levels
Following the December rally, inflows and outflows spiked sharply, leading to heightened volatility. Reduced inflows post-rally signaled cooling investor interest, with XRP consolidating above $2.50 a short-term support level. Key resistance remains at $3.19, while significant support zones are identified at $2.50 and $1.50.
Technical Indicators and Momentum
As of press time, XRP is trading at $2.33 with a 24-hour trading volume of $7.77 billion, reflecting a 2% increase in the last 24 hours. The RSI sits at 52, signaling neutral momentum.
However, it suggests weaker buying pressure compared to the previous rally. The MACD remains above the signal line but shows signs of declining momentum, indicating potential consolidation.
