Since XRP whales sell their tokens to crypto exchanges, investors worry about the direction of Ripple’s digital asset price. Market players and traders monitor XRP’s latest price movements because big investors are withdrawing coins from their wallets under poor market conditions, and a market expert is warning about prices decreasing below $2.
According to Whale Alert data shifts of major XRP holdings towards exchanges suggest their sellers now dominate market sentiment. The whale wallet r9ZMd…eKD9c deposited 29.53 million XRP to the Coinbase exchange within a day. A large investor at address rGdKQ…Enp1k sent 52 million XRP to the Bybit trading platform to push the market downward.
One other XRP holder purchased 20 million tokens from Gemini, the exchange. Several investors made the same buying move last week, which proves they still believe in XRP despite the selling trend.
XRP Faces Selling Pressure Amid Key Support Test
Market analysts watch selling activity to determine whether XRP will survive its main defense points. If it cannot stay above $2.82, CasiTrades believes that the XRP token will drop towards $2.18.
https://twitter.com/CasiTrades/status/1893302413194313886
A drop below the $2.82 supply level would create steady selling activity which might push the XRP price down further. Traders remain uncertain about investing in XRP because of recent whale sales that decreased market morale in April 2023.
During the day XRP decreased by 3 percent to a value of $2.48 at the same time its 24-hour trading volume soared from $2.34 billion to $3.99 billion. During the previous day, XRP reached a peak value of $2.60 before sinking to $2.44. Traders show reduced confidence because XRP Futures Open Interest now stands at 2.5% less.
Even though market signals point to bearish trends in the near future several experts see XRP’s outlook to improve over time. On X (formerly Twitter), Rose Premium Signals says if XRP succeeds in exceeding $2.75 then it may aim for a price increase of up to $4.95.
The expert EGRAG CRYPTO indicated that if XRP prevents a drop below $2.65 it may move up in value. A current XRP price analysis from the author shows the asset may increase toward $5 shortly.
Whales are selling significant amounts of XRP while market instability creates doubts among experts on its future direction. The asset will likely keep rising if its essential support areas remain intact.
If it fails to hold its position above $2.82, XRP could lose its value towards $2. Market participants track XRP’s movement to detect when its price will shift direction after facing uncertain conditions.
