Is it time to consider selling XRP? Whales sold 27.2 million USD worth of tokens!
XRP, the native token of the Ripple network, has recently been on a roller coaster, rising and falling, attracting the attention of many cryptocurrency enthusiasts. But how long can this rally last? Recent whale activities seem to indicate that something big is about to happen.
Whales sold 27.2 million USD worth of XRP
On November 24th, a whale alert was triggered, indicating that 20 million XRP (worth 27.24 million USD) was transferred to Bybit, the largest cryptocurrency exchange in South Korea. This coincided with an overall market pullback, and XRP's performance does not look promising right now.
Technically speaking, is it going to drop?
Experts say that XRP might be facing a major adjustment, with a few key points to note:
Candlestick patterns indicate a drop: A evening star appeared near the 1.4 USD mark for XRP, and if the daily closing price is below 1.3 USD, it might drop to 1.05 USD, representing a 20% decline.
RSI is overbought: XRP's Relative Strength Index (RSI) has been above 80 since November 11th, indicating that the token might be overbought.
High liquidation pressure: Data from Coinglass shows that traders have high leverage, and short positions are nearing 1.38 USD, amounting to 12.41 million USD. This imbalance could easily lead to a price drop.
Key price levels to watch
Support level at 1.3 USD; if it breaks, a significant drop could occur.
Resistance level at 1.4 USD; we need to see if it can hold.
What’s the current situation?
At the time of writing this article, XRP's price is around 1.38 USD, down 7.1% in 24 hours, with trading volume also down 30%, indicating low investor enthusiasm.
Will it rise or fall?
Although XRP is still above the 200-day moving average, the overall trend is still upward, but it might need to adjust or consolidate before continuing to rise. Long-term investors should wait to see if the price stabilizes.
What should you do?
For those looking to buy: Keep an eye on the 1.3 USD support level. If XRP rebounds, it might be a good time to buy.
For those looking to sell: The current selling pressure and whale activities suggest that it may still drop.
If you find it hard to grasp the timing and are confused about how to proceed, and want to learn, there's one condition to meet: you must be proactive, decisive, and if you like + comment, I'll help you make big money!
