XRP Price Faces Selling Pressure as Whale Outflows Reach $50 Million Daily
- XRP has faced selling pressure, struggling to maintain a price above $3.0, repeatedly falling to the $2.8 support level.
- Ripple-related XRP lost its third position to Binance Coin earlier in October, now sitting at the 5th spot.
- Traders are adjusting positions due to macroeconomic factors like Federal Reserve policies and regulatory developments.
- On-chain data shows significant whale activity, with roughly $50 million worth of XRP leaving whale wallets daily, increasing selling pressure.
- Despite concerns, some analysts remain optimistic, suggesting potential for a bullish rally.
Analyst Insights
- Crypto analyst EGRAG Crypto maintains a bullish outlook on XRP, citing strong upward momentum in both price and technical indicators.
- The Relative Strength Index (RSI) is showing increased momentum, supporting the price trend's upward trajectory.
- A potential close above $4 could represent a key milestone for XRP, according to the analyst.
