Coinspeaker
Feb 3, 2025
5 0

XRP Price Drops Below $2 Amid Whales Offloading 130 Million Coins

XRP Market Overview

  • XRP, the native coin for the XRPL network, fell over 40% in four days, reaching a low of $1.77 before rebounding to $2.37.
  • Bitcoin's price drop to $91K contributed to XRP's volatility, leading to $123 million in forced liquidations, primarily affecting long traders.
  • Over 80% of long XRP traders were liquidated within 24 hours.

XRP Whale Activity

  • Whale investors have offloaded more than 130 million XRP coins in the last 24 hours.
  • XRP whales (holding 10M-100M coins) currently possess about 6.46 billion coins.

Technical Analysis

  • XRP price dropped below the 50-day Moving Average for the first time since November.
  • The weekly Relative Strength Index is below 70%, indicating bearish sentiment.
  • A close above $2 could lead to bullish momentum; however, falling below $2 may push prices towards $1.26.

Regulatory Context

  • Ripple's XRP has benefited from the current US administration's pro-crypto stance.
  • Recent tariff disputes have increased market uncertainty, impacting XRP's potential recovery.
  • Future XRP performance will depend on the fundamentals of Ripple Labs and the XRPL network.