XRP Could Drop 20% as Sell-Off Approaches:
XRP, the token of Ripple Labs, might soon see a price drop after a recent rally. Charts are showing signs of a sell-off, and big holders are adding to the pressure.
Whale Dumps 40 Million XRP
On December 4, 2024, a crypto whale sold nearly 40 million XRP tokens worth over $103 million on Coinbase. This large sale is linked to a bearish pattern in XRP’s price chart, which suggests a potential decline.
What’s Next for XRP?
Experts believe that if XRP falls below $2.40, it could drop by 20%, possibly reaching $2. However, the coin’s Relative Strength Index (RSI) is close to the oversold zone, which could lead to a rebound.
Bearish Market Sentiment
Most traders are bearish, with more holding short positions than long. XRP’s price dropped 6.5% in the last 24 hours, showing weak market participation.
In short, XRP may face a short-term decline, but traders should stay alert for any changes.