XRP faces major risk of dropping below $3 as whale hints at $50M sell-off
Main Idea
XRP is at risk of losing its $3 support zone due to selling pressure from a whale, despite recent positive developments like increased whale accumulation and a surge in interest for an XRP ETF.
Key Points
1. On-chain data shows a whale transferred 6,666,928 XRP (worth ~$53.1M) to Coinbase, potentially triggering preemptive selling and pushing XRP below $3.
2. Whales accumulated 900 million XRP in 48 hours, indicating mixed market sentiment.
3. Interest in a U.S.-listed XRP spot ETF surged 730% in a month following regulatory clarity.
4. XRP was trading at $3.20 at press time, up 0.16% daily and nearly 8% weekly, remaining above its 50-day and 200-day SMAs, signaling a strong uptrend.
5. XRP’s 14-day RSI was at 54.44, suggesting neutral momentum.
Description
XRP is facing the possibility of losing its fragile $3 support zone amid looming selling pressure from a whale. On-chain data indicates that 6,666,928 XRP, valued at approximately $53.1 million, was transferred from an unknown wallet to Coinbase , according to a transaction flagged by Whale Alerts on August 12. XRP whale transaction to Coinbase. Source: Whale Alert Such a move is often interpreted by traders as a precursor to liquidation. While the sale is unconfirmed, a transfer of this magnitu...
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