In the latest XRP news, the Ripple whales have accumulated around 1 billion coins as the crypto recorded massive gains yesterday. However, the momentum appears to have faded, as evidenced by the ongoing retreat in the asset’s price. So, let’s explore the current accumulation trend and see what lies ahead for the crypto.
Ripple whales have once again made headlines in the XRP news column with their latest buying trend. Renowned market analyst Ali Martinez highlighted the trend, indicating the renewed interest of the market participants towards the asset.
For context, Martinez said that whales or large investors have purchased nearly 1 billion coins from yesterday, as the price soared more than 25% nearing the $3 mark. However, despite the massive XRP whale accumulation, the momentum was short-lived.
XRP price today was down 13% to $2.31, with its trading volume falling 30% to $13.9 billion. Notably, the 24-hour high and low of the asset were recorded at $2.23 and $2.7, respectively. Further, XRP Futures Open Interest fell 23% to $3.16 billion, indicating a waning risk-bet appetite of the investors.
It appears that despite XRP whales’ heavy buying, investors grew concerned over the future of the market. Besides, it also comes amid a broader digital assets selloff, with the crypto market facing liquidation of over $1 billion since yesterday.
The current crypto market crash could be due to Trump tariffs going into effect on Mexico and Canada. This event, alongside other macroeconomic woes, has weighed on the investors’ sentiment, causing a massive selloff in the market.
In addition, the impact of the recent announcement from Donald Trump regarding the US Crypto Reserve was also short-lived. While it initially caused a massive spike in prices, some investors might take the opportunity to book profit, triggering the selling pressure in the market.
The recent decline in XRP could also be attributed to the delay in Ripple Vs SEC case resolution. While Trump’s announcement to add XRP to the US Reserve asset sparked hopes, legal experts have refuted claims of the development’s impact in speeding up the XRP lawsuit resolution.
As the XRP price slipped to the $2.3 level, experts highlighted key support levels for the asset. For context, Rose Premium Signals said that in a bearish case, holding the $2.40 level is key. Breaking below this level could drag down the price to below $2.
Echoing a similar sentiment, EGRAG CRYPTO said that the crypto is likely to retest the $2.3 and $2.2 mark. However, Ripple’s coin holds key support at $2.2, which could help in a strong recovery ahead.
Having said that, the crypto must hold the $2.2 mark to witness a strong recovery ahead. While experts remain optimistic about the long-term trajectory of the coin, some have warned of a potential crash to below $2 if the bears continue to dominate.
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