XRP Whales Sell 510M Tokens: Impact on Ripple’s Price
Generally, Big holders of XRP, known as whales, have sold a massive 510 million tokens in the past week, Which is a significant move that has caught the attention of the crypto market. Obviously, this move is important because XRP’s price is approaching a crucial breakout point. Usually, Analysts are closely watching key resistance and support levels to predict the next big move for Ripple’s native cryptocurrency, and They are doing this by analyzing charts and data.
Whale Activity and Price Pressure
Basically, Analyst Ali Martinez has noted a sharp decline in XRP holdings among large wallets, and This decline is significant because it has put pressure on XRP’s price. Normally, wallets holding between 1 million and 10 million XRP reduced their holdings from over 6.5 billion tokens to around 3.84 billion between September and early December. Already, this substantial sell-off has led to a decline in XRP’s price during the same period, and It is a trend that analysts are watching closely.
Triangle Pattern and Potential Breakout
Currently, XRP is forming a symmetrical triangle pattern on the 1-hour chart, and This pattern is important because it could lead to a breakout. Typically, the price has been oscillating between $2.34 and $1.99 since late November, and Now, XRP is trading near $2.05 and is approaching the end of this pattern. Hopefully, a breakout from this pattern could lead to a 16% price shift, and If the price breaks to the upside, we could see levels around $2.38 – $2.40.
Analyst Insights
Apparently, CryptoWZRD, another analyst, sees strong support near $2.00, and They suggest that if XRP can break above $2.27, we could see further upside. Usually, the daily price action remains indecisive, but the weekly structure shows slight weakness, and Meanwhile, the XRP/BTC pair is forming a double bottom, which could support an upward move if confirmed. Naturally, analysts are watching these patterns closely to predict the next big move for XRP.
Long-Term Outlook
Fortunately, despite the recent selling pressure, analyst EGRAG CRYPTO believes that XRP is still following its long-term structure, and They see the worst-case scenario as a return to $1.00. Already, they also identify a long-term bull flag pattern with potential targets of $20, $35, and even $200 if the pattern breaks to the upside. Probably, EGRAG CRYPTO emphasizes that bull flags typically do not end quietly, suggesting a strong move could be on the horizon after this period of price compression.
Normally, the recent activity by XRP whales and the forming triangle pattern have created a sense of anticipation in the market, and While short-term movements could go either way, the long-term outlook remains optimistic for Ripple’s native cryptocurrency. Eventually, investors and traders will be closely watching key levels and patterns to gauge the next big move for XRP, and They are doing this by analyzing data and charts.
