XRP Bleeds $470M as Traders Play the Waiting Game
Another day, another crypto fire sale—XRP holders dump half a billion worth of tokens while praying for a rebound. Will the ’patient HODL’ strategy pay off, or is this just another chapter in crypto’s favorite soap opera: ’Bagholders & Broken Dreams’?
Meanwhile, Wall Street sharks circle—because nothing spices up a bear market like watching retail investors learn the hard way that ’buying the dip’ requires actual liquidity.
XRP Holders Are Jumping Ship
XRP saw a massive selloff this week, with realized profits reaching an all-time high since early March. In just 24 hours, approximately $470 million worth of XRP was sold. This surge in selling mirrors a pattern seen earlier in March this year when a slight price increase triggered a sharp selloff.
The market’s reaction to recent price changes indicates that investors remain wary. Historically, a quick bout of selling follows whenever XRP has seen rapid price increases. This behavior has led to significant declines shortly after any upward movements.
The behavior of these whales suggests that their support for the price is uncertain, further complicating XRP’s ability to maintain its recent gains. This adds to the overall weak sentiment surrounding XRP’s recovery.
XRP Price Needs An Escape
XRP has been in an uptrend for the past month and a half, but it is now facing a critical challenge: the four-month-long downtrend line. Previous attempts to break out from this downtrend have failed, and the price remains below this crucial resistance level. While XRP’s recent price action shows promise of recovery, breaking the downtrend remains a significant hurdle.
At the time of writing, XRP is trading at $2.37, struggling to secure $2.38 as a support level. The latest selling activity and lack of strong support suggest that XRP might fall below the $2.27 support level, potentially reaching $2.12. If the selling continues, this could invalidate the uptrend and lead to further declines.
However, there is still a glimmer of hope for XRP. If Bitcoin manages to form a new all-time high (ATH), a broader market rally could boost XRP’s momentum as well. The altcoin’s target would then be to secure $2.56 as support, which would invalidate the bearish thesis and potentially lead to a stronger push upwards.
