🐋 Whale Dumps 30 Million XRP
On January 12, a whale offloaded 30.17 million XRP, worth $76.34M, sparking bearish momentum. This led to significant short positions and a decline in XRP’s price, as the broader crypto market, including BTC and ETH, also faced downturns.
📈 Binance’s XRP Reserves Surge
CryptoQuant data shows Binance’s XRP reserves increased by 34M over 48 hours. This suggests whales and long-term holders are either selling or swapping tokens, reflecting heightened market activity amidst falling prices.
🚩 XRP’s Momentum Post-Breakout
XRP recently broke out of a bullish flag pattern but faced resistance at $2.56. Whale activity and rising exchange reserves contributed to its drop to $2.42, with a 24-hour price decline of 2.55% and a 30% drop in trading volume.
📉 Bearish Short-Term Outlook
XRP may drop 20% to $1.92 if daily candles close below $2.30. However, if it holds above this level, the bearish scenario may be invalidated. The short-term outlook remains cautious as traders eye support levels.
📅 Temporary Decline Ahead of Key Events
This price dip is likely short-lived, with market sentiment potentially shifting after President-elect Donald Trump’s inauguration on January 20. Traders should remain alert to changing dynamics in the coming days.
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