XRP Whale Selloff Intensifies as Long-Term Holders Liquidate Holdings
XRP has faced selling pressure following a rejection at $2.30 and significant whale liquidation. Long-term holders are also liquidating, indicating a distribution phase. The price is currently around $2.16, with speculation whether it will drop to support at $2.0.
XRP Whale Activity
- 26.6 million XRP (approx. $58 million) transferred to Coinbase from a Ripple-linked wallet.
- XRP remains stable above $2, a threefold increase since November 2024.
- Realized profits among early investors reached $68.8 million daily in early June (7-day SMA).
XRP is trading above $2, over 300% gains for early investors. Profit realization has intensified recently.
The Ripple lawsuit nears conclusion, increasing optimism for an XRP ETF approval, now estimated at over 90% chance by year-end.
Price Analysis
- Analyst Dark Defender predicts a potential price breakout due to converging technical indicators.
- Current price positioned at key trend lines, Fibonacci levels, and the "Cup Surface" pattern.
- Short-term targets: $2.22, $3.61; support identified at $2.0706.
XRP is nearing a decision point, potential for volatility expected.