Within 48 hours, 200 million XRP whales were sold, and this caused concern of an imminent demise, even though the technical indicators were mixed.
In less than 48 hours, XRP whales sold nearly 200 million tokens, which were monitored by Ali Charts on X and caused severe fear and panic in the market.
Source – X
On X, the count of whale transactions exceeding 716 on the same day, worth over 1 million dollars, was recorded by the account of @ali_charts, the highest in four months.
Source –X
The massive size pushed traders to reconsider positions as the market shook. The XRP market of Ripple was struck directly. The tokens were released at an alarming rate, leading to an instant price spike.
The price oscillated around the relevant support and resistance, which indicated uncertainty as traders evaluated the aftermath.
Will XRP Crash or Keep Its Head?
According to recent charts, XRP ended the day at $2.25728, gaining 0.98 percent compared to the previous day, although the direction is largely downward.
Relative Strength Index (RSI) stands at 42.29 i.e., Neutral i.e. XRP is neither oversold nor overbought.
Compressed Bollinger Bands indicate lesser volatility. According to experts, this is usually the precursor to a breakout or a breakdown.
A drop to lower levels may occur within a short period, as many anticipate a price drop below the critical support at 2.13354, but an upsurge to higher levels may end the downtrend of the bears at 2.61908.
Senior analysts observe that whale actions tend to trigger a lot of volatility. It is no exception to past giant dumps that led to significant corrections.
Investors feel uncertain. Though history shows that huge whale exits may lead to cascades of selling, the technicals of the XRP are not ready to point to the drop yet. Everything is reliant on the ability of whales to continue selling or take a break and restore normalcy.
Source: https://www.livebitcoinnews.com/xrp-news-xrp-whales-dump-200-million-coins-crash-incoming/
