Ripple (XRP) Price Fluctuates as Whale Accumulation Clashes with Market Turmoil
- XRP surged to $3 before a sharp correction, driven by speculation around the Trump crypto reserve.
- A 25% tariff announcement by Trump triggered market-wide panic, leading to a sell-off.
- Whales accumulated nearly 1 billion XRP, signaling confidence despite the downturn.
- Key support at $2.33 and a bullish pennant pattern suggest a potential breakout ahead.
Ripple (XRP) has experienced extreme price fluctuations, soaring to $3 before a sharp correction. Market sentiment remains divided as whale accumulation increases while global economic uncertainty fuels sell-offs. Could XRP be gearing up for another breakout?
XRP recently witnessed a strong bullish rally, briefly touching the $3 mark. The surge came after news of the Trump crypto reserve, which sparked investor speculation about XRPs potential role in mainstream financial systems. The announcement led to an influx of buying pressure, pushing XRP to one of its highest levels in recent years.
Traders anticipated that this development could enhance XRPs adoption, fueling expectations of an extended rally. However, the bullish momentum quickly faced resistance as external market forces took over.
Geopolitical Tensions Trigger XRP Sell-off
The optimism surrounding XRP was short-lived as macroeconomic concerns rattled the crypto market. President Trumps confirmation of a 25% tariff on goods from Mexico and Canada sent shockwaves across global financial markets, sparking widespread sell-offs.
The fear of economic instability led many investors to liquidate holdings, triggering a steep correction for XRP and other cryptocurrencies. As panic-selling intensified, XRP retraced towards key support levels.
Whale Accumulation Signals Potential Rebound
Despite the downturn, on-chain data reveals that crypto whales have accumulated nearly 1 billion XRP in the past 24 hours, suggesting confidence in its long-term potential.
Technical analysts point to XRPs retracement towards $2.33 and $2.22, key Fibonacci levels that could act as strong support. If these levels hold, XRP might be preparing for a major rally towards its all-time high.
Additionally, a bullish pennant formation on the daily chart suggests XRP could be setting up for an 80-100% breakout in the midterm. This pattern, combined with increasing whale activity, signals that XRPs correction may be a stepping stone for its next big move.
Can XRP Hit a New All-Time High?
With whales accumulating at key levels and technical indicators flashing bullish signals, XRP could be poised for another explosive move. If support holds and market sentiment shifts, the next rally could push XRP towards uncharted territory.
Will XRP reclaim its all-time high, or will market turbulence continue to dictate its price action? Traders are keeping a close watch as the next major move unfolds.
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Read more: https://www.tronweekly.com/ripple-xrp-price-swings-as-whale-accumulation/
Text source: TronWeekly
