XRP remains under pressure as its price hovers below $2.50, with long-term investors contributing to a significant $470 million sell-off. This movement follows a brief rally that saw the cryptocurrency touch multi-month highs earlier this quarter. Analysts attribute the sell-off to profit-taking by whales, who capitalized on the recent surge in value.
Despite the downturn, market participants are closely monitoring XRP’s technical indicators, which show support forming near the $2.30 level. However, a breach of this level could open the door for further losses. The broader crypto market’s performance, driven by Bitcoin’s price action, will likely influence XRP’s short-term trajectory. Investors remain cautious as trading volumes show signs of tapering, hinting at a period of consolidation.
