Ripple

XRP Plummets 10% In 1 Week: Why Is It Going Down?

Zinger Key Points

XRP XRP/USD has fallen 10% over the past week amid heavy whale selling, but traders are now eyeing it as a potential buying opportunity.

CryptocurrencyTickerPriceMarket Cap7-Day Trend
XRPXRP/USD$2.90 $173.8 billion-10.8% 
BitcoinBTC/USD$113,486 $2.3 trillion-6.9% 
EthereumETH/USD$4,281 $519 billion-9.8% 

Trader Notes: Crypto chart analyst Ali Martinez noted that technical indicators are now flashing a buy signal, with the asset appearing ready for a bounce after previously timing the top.

CrediBULL Crypto said XRP/BTC swept expected lows, though XRP/USD scalps were stopped out after Bitcoin dropping below $114,000. He maintains a bullish outlook if BTC stabilizes, which could fuel an XRP rally.

Galaxy emphasized XRP's five-year consolidation against Bitcoin, its longest accumulation phase ever. Historically, such prolonged ranges have preceded explosive breakouts, suggesting a major move may be building.

Statistics: Martinez noted 470 million XRP has been sold by whales in the past ten days.

Coinglass data shows XRP derivatives trading volume rose 7.3% in a single day, while options volume surged 29.2% and open interest 94.4%. In the past 24 hours, liquidations totaled $18.4 million, with $15.25 million from long positions.

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