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XRP experienced a significant surge of 34.15% on March 2, following an announcement by U.S. President Donald Trump, who stated that XRP would be included in the nation’s strategic digital reserves. However, on March 3, the price fell sharply, returning nearly half of its gains. This volatility has caught the attention of market participants closely monitoring the situation.
Signals of Selling from Large Wallets
The XRP market is showing notable high-volume transactions. Analyst Ki-Young Ju reports serious selling movements from major addresses. The price of XRP is experiencing intense trading between $2 and $3. While the increase in trading volume could be seen as a buying signal, it is predominantly characterized by selling pressure.
Large stakeholders tend to take profits at the peaks of upward trends. This trend signifies a period where selling pressure intensifies after prices reach their high points. Analysts emphasize that this phase warrants careful attention from cryptocurrency traders.
Technical Analysis Points to Critical Levels
The XRP price is trading 30% below its all-time highs. Analyst Dom notes that the VWAP price has failed to maintain the $2.70 level. Technical indicators suggest that this level is a crucial support point, and failing to hold here increases selling pressure.
Dami DeFi states that the sustainability of the rise at resistance levels is questionable. Whale Flow data indicates that XRP has experienced an unprecedented wave of selling. An increase in XRP reserves on Binance has also been observed, leading analysts to believe that this might indicate investors are closing their positions.
Cybersecurity expert Matt C points out that technical indicators suggest the current volatility leans towards selling. The changes in the XRP market signal an important decision-making period for investors.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
