A significant correction in the XRP market saw prices plunge approximately 17%, descending from recent highs near $3.66 down to test the $3.00 level. This sharp downturn resulted in liquidations exceeding $114 million across leveraged trading positions globally.
Nearly 200 million XRP tokens exchanged hands during the volatile price decline. Despite the pullback, technical analysis utilizing Bollinger Bands points to potential bullish continuation, particularly if XRP finds robust support near the $2.90 to $3.00 range. The $2.91 level, identified as the Bollinger Band midline, is viewed as a critical pivot zone.
Accumulation by large holders, often termed ‘whales’, reached over 280 million XRP tokens during the test of the $3.00 support level. Market analysts generally regard the preceding two-week price rally leading into this dip as a healthy market development. Technical indicators suggest maintaining this key support zone is pivotal for preserving the current uptrend’s momentum.