XRP Faces Selling Pressure as Whale Distribution Resurfaces
XRP Faces Selling Pressure After Recent Highs
XRP is experiencing selling pressure following a peak at $3.10 in late July. Key points include:
- Price has declined, raising concerns over potential deeper corrections.
- Whale flows have turned negative, indicating large holders are distributing XRP.
- A pattern resembling earlier this year suggests further price downturns may occur without significant accumulation from whales.
- Market sentiment remains cautious as overall crypto momentum decreases.
On-Chain Metrics Indicate Warning Signs
According to analyst The Enigma Trader, key observations from on-chain data include:
- The 90-day moving average of whale flow is negative, signaling renewed distribution.
- This trend reflects similar patterns seen during previous market corrections.
- A return to positive whale flows exceeding +5 million XRP daily is necessary for bullish momentum.
Current Price Levels and Support Analysis
XRP is currently trading around $2.98 after an all-time high above $3.60. Important observations include:
- The price recently bounced near the 50-day simple moving average at $2.71, acting as dynamic support.
- Structural integrity remains as long as prices stay above the $2.70–$2.80 range.
- Immediate resistance is noted around $3.10, which has been tested multiple times.
- Volume decline indicates sellers are losing momentum, but a rebound requires increased buying pressure.
Market participants are closely monitoring whether XRP can reclaim $3.10 or if the absence of whale accumulation leads to further declines.