XRP rebounded sharply after reaching the top. Is it a rebound or a deep adjustment? See through the whale layout and retail selling pressure behind it!
After soaring strongly to a three-year high of $1.26, the price of XRP quickly fell back by 20%, triggering heated discussions in the market about whether the peak has arrived. Is it a short-term correction in the market, or is the rising cycle coming to an end? Find the answer from on-chain data and market dynamics.
Whales and retail investors: Who is influencing the market?
Whales cash out in large quantities
Data shows that on November 17, a large investor transferred $11.3 million (10 million XRP) to Bitstamp. At the same time, the exchange's XRP reserves surged 3% between November 6 and 16, with the inflow of 44 million XRPs highly overlapping with the 56% price increase. This shows that some whales quickly took profits after the price surged, suppressing market sentiment.
Panic selling by retail investors
According to Santiment data, retail investors holding less than 1 million XRP sold 75.7 million (about 87.9 million US dollars) in a week, and every rebound was accompanied by retail investors' profit-taking.
Whales and sharks take over retail selling
It is worth noting that despite the frequent exits of retail investors, whales and shark wallets holding 1 million to 100 million XRP have reversed and absorbed 453.3 million (worth 526.3 million US dollars) in the past week, which paved the way for the subsequent market rebound.
Technical side: Is the pullback the end or an opportunity?
Overbought signal appears
XRP's RSI (relative strength index) in multiple time frames is in an overbought state, which usually means that the possibility of price correction is increased. In the derivatives market, positions worth $12.6 million were liquidated on November 17 alone, of which $9.1 million were long positions, and the forced liquidation of leveraged funds further exacerbated the price decline.
Analysts’ views
Bullish: Independent trader Chris McCrypto emphasized that XRP’s rally is still in its early stages and that prices are expected to hit $15-20 in the future. Adjustment: CryptoCharged believes that the current pullback is a healthy technical correction, with key support areas between $0.65 and $0.75, which are expected to rebound again after reaching them.
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