Large XRP holders are exiting the game: can the price reach $3?
Date: 2025-02-24 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
The number of large XRP holders continues to decrease, which signals increasing caution in the market. At the moment, the price is consolidating between important levels: resistance is located at $2.83, and support is at $2.52. The further trajectory of the rate will depend on which direction the breakout occurs.
Technical analysis shows that the relative strength index (RSI) for XRP is currently at 55.1. Over the past three days, it has increased from 33.2 to 62, which indicates an increase in buying activity after the oversold phase.
In general, an RSI above 70 indicates possible overbought conditions and a possible correction, while below 30 indicates oversold conditions and a possible rebound. The current RSI value is slightly above the neutral zone, indicating a slight advantage for buyers. However, if the indicator drops below 50, this may indicate a weakening of the upward momentum and an increase in bearish pressure.
A decrease in the number of whales holding 1 to 10 million XRP may be a sign of profit-taking or caution among large investors. According to analysts, on February 3, the number of such wallets reached 2,137, but then decreased to 2,117.
Despite the outflow of some capital, the total number of large holders remains above the historical average, indicating continued interest in XRP. However, a massive sale of assets by whales may increase pressure on the market and lead to a decrease in the price.
The XRP price has been moving in a tight range over the past week, with the exponential moving average (EMA) lines close to each other. This indicates low volatility and no clear trend.
If the upward movement continues, the nearest resistance remains at $2.83. If this line is broken, XRP may test $3.15 and $3.28, levels reached in late January.
However, if the selling pressure intensifies and the price breaks the support at $2.52, a decline to $2.33 is possible, and with a further decline - to $1.77.
Investors continue to monitor the actions of major players, as their decisions have a significant impact on the market. XRP is at a fork in the road, and the coming days will show which way it will go.
