XRP Whale Selling and Insider Activity May Pressure Critical $3 Support Level Amid Market Uncertainty
Main Idea
XRP whales are selling approximately $28 million worth of XRP daily, threatening the critical $3 support level and signaling potential short-term price declines.
Key Points
1. XRP whales have sold around $28 million worth of XRP daily over the past 90 days, increasing circulating supply and exerting downward price pressure.
2. The $3 price point is a critical support level for XRP; if breached, it may trigger further selling and confirm bearish trends.
3. Ripple co-founder Chris Larsen's recent sales add market uncertainty, potentially intensifying volatility and investor doubt (FUD).
4. Weakening on-chain momentum, indicated by declining network engagement and buying interest, suggests cautious short-term prospects for XRP.
5. Investors are advised to monitor whale movements, exchange flows, and key technical levels like the $3 support to navigate current volatility.
Description
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