- XRP rebounded 20% but faces resistance at $2.62, with whale sell-offs driving market volatility.
- Bitcoin’s rejection at $99,500 and trade tariff uncertainties influenced XRP’s attempt to reach $3.
Ripple [XRP] experienced a notable recovery, surging 20% in the last 24 hours, and was trading at $2.57, at press time. This was supported by a daily trading volume of $18.8 billion.
Despite this rebound, XRP had a seven-day decline of 18.57% due to market uncertainties and whale sell-offs. XRP’s market cap currently stands at $146.4 billion, with a circulating supply of 58 billion tokens.
This recovery comes as tech stocks and cryptocurrencies faced significant pressure due to trade tariff uncertainties between the U.S., Canada, and Mexico.
Although tariffs on Canada and Mexico were postponed, the continuation of tariffs on China kept markets on edge.
Whale sell-offs contribute to market volatility
Recent sell-offs by whales have played a crucial role in XRP’s price fluctuations. Reports indicate over 130 million XRP were dumped in a single day, flooding the market and intensifying bearish sentiment.
These large-scale sales have created a cascading effect, causing smaller investors to sell as well, amplifying price drops.
Decentralized Exchange (DEX) data confirms widespread selling pressure, with CryptoQuant reporting a persistently low Buy-Sell Ratio for XRP over the last 16 hours.
A lack of buying activity on both DEXs and centralized exchanges has reflected the bearish market outlook in recent days.
XRP technical analysis: Resistance and support levels
XRP has broken below the middle Bollinger Band at $3.03, signaling bearish momentum. The nearest resistance level lies at $2.62, while key support is seen at $2.20.
A further decline could push XRP toward $2.00, a critical support level to monitor.
The Awesome Oscillator (AO) has turned negative at -0.0511, signaling weakening bullish momentum.
Source: TradingView
Meanwhile, the Cumulative Volume Delta (CVD) was at -1.76 million, indicating strong selling volume and continued bearish sentiment.
For XRP to regain bullish strength, it needs to reclaim the $2.62 resistance level and move toward $3.03.
Market conditions and Bitcoin’s influence
Bitcoin’s recent price movements have also influenced the coin’s performance.
Aggregated Funding Rates indicate slightly bullish sentiment, with a predicted funding rate of 0.0074 suggesting potential short-term upside.
Source: Coinalyze
However, Bitcoin’s resistance at $102,000 and its recent rejection at $99,500 reflect caution in the broader crypto market.
Realistic or not, here’s XRP market cap in BTC’s terms
The postponement of tariffs between the U.S. and Canada has temporarily alleviated market pressures, but uncertainties around U.S.-China tariffs persist.
These factors, combined with whale activity, are expected to continue playing a role in XRP’s price movements in the coming days.
