XRP Bulls Reject Bears at Historic Level, Whales Sell 370M in 96 Hours
1min read XRP, the third-largest cryptocurrency, has recently caught the attention of the crypto community as it hit a historic support level, with bulls showing a dominant presence and bears being rejected. Renowned market analyst Javon Marks highlighted this development on X, formerly Twitter, stating that the candlestick and volume combination on XRP was significant. Sellers (bears) were rejected at a level not seen since perhaps 2017-2018, indicating that the bulls were poised to take control despite recent price action.
Interestingly, after XRP hit the $1.9 to $2.0 area, the altcoin experienced a major reversal to the upside, with bulls coming out guns blazing. This occurred after XRP hit a major and historic 2017-2018 support level, according to Marks. Although XRP has been trying to break out of the significant resistance level of $2.5 in vain, time will tell whether bulls will carry the day and breach this level.
Despite the recent price action, XRP has been experiencing intensified selling pressure, contributing to its price trading below the psychological threshold of $2.7. Whales seem to be the engine behind this trend, as they sold more than 370 million XRP in a span of just 96 hours, according to renowned market analyst Ali Martinez. However, there is light at the end of the tunnel, as former United States Securities and Exchange Commission (SEC) official John Reed Stark recently opined that the agency was on track to dropping its appeal in the Ripple lawsuit. If this is approved, XRP is expected to experience a bullish momentum.
