Ripple’s cryptocurrency XRP has experienced a significant price drop following the offloading of 70 million tokens by large investors, commonly referred to as “whales.”
This recent move has sparked concerns among traders, with warnings of a potential crash in the near future.
According to analyst Ali Martinez, the large-scale sale by XRP whales has caused a shift in market sentiment.
Over the past few days, XRP’s price dropped by more than 3%, now trading at around $3, with trading volume falling by 7% to $4.3 billion. In the last 24 hours, XRP has fluctuated between $2.97 and $3.11, signaling investor caution.
John Deaton, a pro-XRP lawyer, recently suggested in a podcast that XRP might experience a price surge before a downturn. He pointed to the success of Bitcoin’s Spot ETF as a potential catalyst for further demand for XRP. Deaton speculates that XRP could reach prices as high as $7 or $8 before experiencing a crash.
Despite the current decline, some analysts remain optimistic. Dark Defender, an XRP expert, has forecasted a potential rally to $4 if XRP can hold support above $3.07.
As XRP continues to trade lower, attention turns to whether its price will stabilize or face further challenges in the coming days.
Follow on Google News
Leave a comment