Whales Sell 470 Million XRP Amid Rising Profit Taking in Crypto
XRP faces selling pressure as large holders liquidate nearly 470 million tokens in the last 10 days, causing a 17% price drop to $2.89.
Key Points
- Price fell below critical support levels: 20-day EMA at $3.09 and 50-day EMA at $2.93.
- The SEC delayed its decision on the Coinshares XRP ETF from August 24 to October 23, impacting market sentiment.
- On July 24, longer-term holders realized $375 million in profits, indicating significant distribution activity.
- Profit-taking spikes observed across major cryptocurrencies: Bitcoin saw $1.5 billion, Ethereum $575 million, Solana $105 million, and TRON $230 million.
- XRP is in a symmetrical triangle pattern; immediate support at $2.78 and major support at $2.50. Resistance levels are at $3.09 and $3.37.
- RSI at 42.9 indicates bearish territory without being oversold; upcoming volatility expected.
