XRP’s price is facing a significant stress test, pulling back to the $2.30 support level. This price action coincides with a notable increase in XRP whale movements, detected by on-chain data trackers. The activity from large holders is creating uncertainty in the market.
Recent data from the tracking platform Whale Alert has recorded multiple large-volume transactions. Transfers exceeding hundreds of millions of XRP were observed. These movements occurred between unknown wallets and several centralized exchanges. Specifically, one transaction of 150 million XRP moved to a major exchange. Another whale moved 200 million XRP to a new cold wallet. This bidirectional flow complicates immediate analysis. Trading volume has also increased, reflecting the high trading activity around this critical price level.
The $2.30 level is not an arbitrary price. Historically, it has served as strong support and resistance for XRP. Its defense is crucial for the short-term bullish outlook. XRP whale movements are closely watched because they control a large portion of the circulating supply. Their actions can precede significant price volatility. If whales are selling (moving to exchanges), it could indicate profit-taking. If they are accumulating (moving off exchanges), it suggests confidence in the asset. The XRP blockchain allows these transactions to be public and traceable.
Can the $2.30 Support Stop the Selling Pressure?
The market’s reaction to this confluence of factors is mixed. The test of the $2.30 support is a decisive moment for traders. A break below this level could trigger a cascade of sell orders (stop-losses). This would lead XRP to seek lower supports, potentially near the $2.00 zone. On the other hand, if XRP whale movements are interpreted as accumulation and the support holds firm, it could be the base for a new bullish impulse. Retail investors remain cautious, waiting for a clear signal of the price direction.
XRP’s situation remains tense as it battles the $2.30 support. The increase in XRP whale movements adds a complex layer of analysis. The outcome of this support test will likely dictate the asset’s trend in the coming days. Technical analysts suggest watching the daily close. A close above $2.30 would be a positive sign, while a close below it would confirm the weakness. Volatility seems guaranteed as the market digests this whale activity.
