Key Insights
- XRP price crashed more than 10% amid a broader crypto selloff in the last 24 hours.
- A whale moved 51,999,999 XRP to Bybit in the past few hours, signaling a potential selloff ahead.
- Over the past day, the Open Interest (OI) has decreased by more than 13.20%. This suggested that traders are abandoning long holdings.
Ripple (XRP) price tumbled more than 10% intraday and underperformed the broader crypto market. It was rejected by its 20-day EMA resistance zone, which was placed at $2.50 and pulled back.
XRP was trading at $2.23 at press time, losing over 10.20% in the past 24 hours. Its market cap stood at $128.55 Billion and ranked 4th in the overall market.
Amidst the negative sentiment in the broader crypto market, XRP price has plunged below the 100-day EMA mark. This raised concerns about whether the bears are attempting to push it below the $2 mark for an extended decline in the short term.
The worldwide cryptocurrency market capitalization fell 8.25% to $2.89 Trillion. This revealed a broader market selloff, excluding key coins such as Bitcoin, Ethereum, and XRP.
Whale Cashed Out 59.5M XRP: XRP Price In Trouble?
A recent post by Whale Alert revealed that an unknown whale has transferred 51,999,999 XRP worth $128.78 Million. This transfer happened from an unknown wallet to Bybit in the last 24 hours.
CryptoJobs, in his post, highlighted that the XRP price took rejection from its descending triangle. Moving ahead, the token further reverted the course.
It formed a bearish crossover of the 20-day EMA and 50-day EMA, which highlights a short-term decline ahead. In the event of a further selloff below the $2.20 level, a short-term decline toward the $2 mark is possible.
XRP Crypto Faces Headwinds as Liquidations Spike
Data from Coinglass showed a massive liquidation activity in the past 24 hours. More than $22 Million in long positions against $2.30 Million in short positions have been noted.
Additionally, the Open Interest (OI) dropped more than 13.20% on the same day to $3.17 Billion. It showed that traders had pulled out of long positions. In addition, a significant drop over the past several hours has been attributed to pressure to sell.
XRP Price Prediction: Can Bulls Defend $2 Mark?
XRP price prediction guided bearishness. This happened as it formed a descending triangle pattern, with the asset forming lower low swings.
It failed to crack the trendline barrier of $2.50 and saw a rejection. Moving ahead, this resulted in an XRP price decline of over 14% in the last 48 hours.
This reflected short-term bearish momentum and was on the edge of the crucial 100-day EMA mark support. Besides this, it conveyed a bearish outlook as the Relative Strength Index (RSI) indicator confirmed a bearish crossover.
XRP may fail to hold the $2 support mark. If this happens, a significant downward move toward $1.70 and $1.50 could be anticipated in the short term.
However, if it regains the 20-day EMA mark, it may recover the momentum. At the same time, the XRP price could reach the $2.80 and $3 mark ahead.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.