2 Key Alerts for Ripple’s (XRP) Price: Insights

Summary

• Ripple’s cross-border token peaked at $2.45 on Sunday but faced a sharp decline, landing near a crucial support level that, if breached, could lead to further drops.
• A significant whale trader with notable profits has decreased their long XRP holdings.

Price Movement Analysis

Just a week ago, XRP reached a multi-month high of nearly $2.7. Although it faced initial resistance, bullish momentum saw it rise again on Wednesday, peaking at $2.65. However, these breakout attempts did not hold, resulting in a drop to $2.3 by Friday.

Over the weekend, XRP regained some value, testing the $2.5 resistance during a brief surge across the market. Currently, it has retraced to $2.3, identified as a critical support level, according to market analyst Ali Martinez. This level has been challenged multiple times in recent weeks.

Should the price fall below this support, predictions indicate it could decline further to $2, another essential support threshold that XRP has successfully defended several times this year.

Market Activity

Whale Watch Perps, an account dedicated to tracking large market players, reported that one major trader with a successful track record has reduced their long XRP position, hinting at a potentially bearish trend.

A leading trader on Hyperliquid has cut back their long XRP position, now holding $54.96K at an average price of $2.32.

Positive Signals

Despite the recent drop to $2.3, Martinez highlighted a buy signal indicated on the hourly chart according to the TD Sequential analysis, suggesting a possible price reversal could take place.

Moreover, Xoom noted on X that interest in XRP seems to have "reset," as seen in a surge of Google searches for the token following a lengthy downtrend. This user believes significant price movements often occur during such periods of reduced market interest.