XRP Price Struggles Amid Selling Pressure
XRP has been under pressure recently. Its price risks a 20% drop due to market trends and technical signals. Traders worry as the U.S. government focuses on selling altcoins, leaving XRP out of its crypto stockpile. This decision has fueled uncertainty and led to increased selling activity.
Technical patterns suggest more trouble ahead. A symmetrical triangle has formed on XRP’s weekly chart. This setup often leads to big price swings. If it breaks downward, the token could drop to $1.46. Market history shows similar patterns have resulted in sharp declines.
Bitcoin Gets White House Favor While XRP Struggles
The White House recently held a Crypto Summit, sparking speculation among traders. Many hoped the government would recognize XRP in its digital asset plans. However, Ripple CEO Brad Garlinghouse left without any major regulatory wins.
Meanwhile, Bitcoin (BTC) received strong support. The U.S. government holds over $17.7 billion in BTC. Trump’s administration seems to favor Bitcoin over XRP. This shift makes XRP’s future uncertain, leading to more volatility in its price.
XRP Traders Face Market Whirlwind
The recent market drop hit XRP traders hard. Many had expected positive news from the summit. When that didn’t happen, short sellers took control. XRP’s price dropped another 2% after the event, pushing weekly losses to 13%.
However, some traders are adjusting their positions. Data from Coinglass shows that short traders are closing their bets. Open interest dropped by 6%, signaling a shift. If this trend continues, Ripple’s crypto could hold support at $2.30 and even bounce toward $2.50.
Whale Activity Signals Possible Decline
Large XRP holders, known as whales, are offloading their coins. Over the past year, whales have reduced their holdings from 94.21 billion to 90.21 billion XRP. This suggests big investors lack confidence in the token’s future.
When whales sell, smaller traders often follow. This pattern creates a ripple effect, increasing selling pressure. If history repeats itself, XRP could face a prolonged downtrend. The last time a similar volume explosion happened, XRP suffered a long bear market.
XRP’s Next Move: Rebound or More Decline?
Despite recent struggles, some signals suggest a possible rebound. Market data shows decreasing short interest. If XRP holds above $2.30, it could retest $2.50 in the coming days.
However, traders should remain cautious. If the token fails to stay above key support levels, it could face another drop. The broader market sentiment will play a big role. Bitcoin’s dominance and the U.S. government’s stance on crypto regulation will impact XRP’s price action in the NEAR future.
