Kraken News: XRP Price Faces Decline as Bears Gain Momentum, While Whale Stakes Large ETH Position

In the latest cryptocurrency news, XRP has encountered resistance at the $2.50 mark and has started to decline, indicating that bears may be taking control of the market. Additionally, a whale has recently staked a significant amount of ETH tokens, sparking interest in the market.

XRP Price Rejected at Resistance—Are Bears Taking Control?

XRP price started a fresh decline from the $2.50 resistance zone and failed to clear it. The price declined below the $2.42 and $2.40 levels, and there was a break below a connecting bullish trend line with support at $2.440 on the hourly chart. The price is now trading below $2.420 and the 100-hourly Simple Moving Average. The pair might extend losses if it breaks the $2.350 support zone.

Whale Stakes $2.93 Million ETH Tokens, Ignites DeFi Craze

Ethereum (ETH) is gaining momentum after a whale withdrew and staked massive amounts of ETH tokens. According to Onchain Lens, the whale withdrew 1,427 ETH ($2.93M) from Kraken and staked it with Lido Finance seven hours ago after two months of dormancy. Over the past six and a half months, the whale has withdrawn a total of 5,861 ETH ($17.23M). Currently, the whale is at a $5.34M loss. The activity has aroused positive sentiment among crypto users.