XRP Faces Potential Support Test Amid Third-Largest Liquidation and Whale Selling Pressure
Main Idea
XRP price dropped 10% due to whale sell-offs and liquidations, with bulls aiming to defend key support levels between $2.95 and $3.00 amid market volatility.
Key Points
1. XRP faced a 10.33% decline, marking its steepest daily drop since early April, coinciding with $86 million in long positions liquidated on Binance.
2. Whale activity, including a transfer of over 50 million XRP by a wallet linked to Ripple co-founder Chris Larsen, intensified selling pressure.
3. Bulls are focused on defending the $2.95–$3.00 support zone, with a break below potentially leading to further downside risk.
4. Technical indicators show mixed signals, with a decline in futures open interest suggesting reduced bullish leverage.
5. Over 2,700 wallets hold more than one million XRP each, indicating significant whale influence on price dynamics.
Description
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