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

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

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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