XRP Price Increases 7% to $2.17 Amid Whale Selling Pressure
Amid a crypto market recovery, XRP price increased by 7% to $2.17, with daily trading volumes up 18% to over $4.22 billion. The cryptocurrency rebounded after reaching support levels of $2.03.
XRP futures open interest rose 1.23% to $3.58 billion, indicating bullish sentiment among traders. However, on a weekly basis, XRP is down 12% due to significant whale selling.
XRP Price Action
- XRP needs to break either the $2.03 support or $2.27 resistance for the next major price movement.
- Investors should stay cautious as the market experiences high volatility.
Whale activity has contributed to XRP's decline, with large holders offloading over 1.12 billion XRP worth about $2.34 billion in the past week. This selling trend may lead to further bearish pressure on XRP.
If Ripple does not pursue a cross-appeal in its lawsuit, potential positive developments could influence future price movements.