- XRP price slipped below $3 after 320 million coins worth $950 million moved to exchanges, triggering short-term selling pressure.
- Analysts warn of a potential dip to $2.6 but remain bullish on the coin’s long-term outlook.
XRP has seen a slight pullback after a recent surge, as over 320 million Ripple coins worth $950 million moved to exchanges. Analysts are watching closely, forecasting potential dips while keeping an eye on long-term growth prospects.
ALSO READ:Binance Coin Becomes 3rd Largest Crypto After Surpassing XRP, Eyes $1,800 Milestone
XRP Faces Short-Term Pullback
After rallying to $3.10 last week, XRP price has slipped below the critical $3 support level, trading at $2.99 at the start of this week. The one-day trading volume also fell by 7.3% to $4.83 billion, signaling reduced activity among traders.
The recent dip comes after a robust market rally, prompting some investors to take profits. Despite this, XRP remains up over 4% weekly and 6% in the past month, reflecting the cryptocurrency’s ongoing strength in the market.
Massive Transfers Raise Concerns
A key factor behind the dip appears to be the large movement of XRP to exchanges. Analysts report that more than 320 million coins were transferred recently, sparking concerns of a potential sell-off.
Market watchers note that such moves are common after strong rallies, as traders often book profits. However, these transfers have created short-term pressure on the Ripple coin, causing some uncertainty among investors.
Key Levels to Watch for XRP
Analysts are highlighting crucial price points for Ripple in the near term. Dark Defender pointed to $2.64 as a major support level, warning that losing this could trigger a deeper sell-off toward $2.2. On the upside, clearing resistance at $3.66 could open the path toward $4.17.
Similarly, EGRAG CRYPTO suggests potential dips to $2.65–$2.77 but emphasizes that closing above $3.2 could set the stage for further gains targeting $3.44.
What Traders Should Consider
While short-term fluctuations are expected, experts remain bullish on XRP’s long-term trajectory. Investors should closely monitor daily closes above $3 to gauge whether the market can sustain its recovery.
Profit-taking and large coin transfers may cause temporary dips, but holding the key support levels could pave the way for another upward push in Ripple’s price.
ALSO READ:Ripple Eyes OCC Banking License to Elevate XRP’s Institutional Credibility
DISCLAIMER:
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of the publisher. The publisher does not endorse or guarantee the accuracy of any information presented in this article. Readers are encouraged to conduct further research and consult additional sources before making any decisions based on the content provided.