XRP slips below $3 as whales sell heavily
XRP's price has dipped below $3 amid heavy selling by whales, who are offloading over $50 million daily. This pressure is fueling market fears and volatility in a cautious cryptocurrency environment. Analysts highlight risks of a sharp correction, with technical indicators pointing to potential further declines.
The cryptocurrency XRP is experiencing significant downward pressure as large holders, referred to as whales, continue to sell substantial amounts. Reports indicate these whales are offloading more than $50 million worth of XRP each day, which is driving the price below the $3 mark and stirring unease among investors.
This selling activity has intensified fears of a sharp price drop. The strong selling pressure is evident in the market dynamics, contributing to heightened volatility for XRP in the near term. Technical charts reveal a bearish pattern that analysts say could target a price of $2.20 if current trends persist.
Traders are closely monitoring key support levels between $2.75 and $2.80, as a break below these could accelerate the decline. The broader crypto market remains cautious, adding to the uncertainty surrounding XRP's trajectory. While no specific timeline for a crash is given, the combination of whale sell-offs and bearish technical signals underscores the risks ahead.
Analysts flag a “sharp correction” as a real possibility, advising vigilance in this volatile environment. The situation highlights ongoing challenges in the cryptocurrency sector, where large-scale transactions by whales can significantly influence prices.