Attention all crypto enthusiasts and XRP fanatics! Our beloved altcoin has just surpassed Tether (USDT) and claimed the title of the third-largest cryptocurrency in the world, with a market cap of $164.47 billion. But hold on to your hats, folks, because this rollercoaster ride is far from over.
XRP has been on a tear lately, with a rally that would make even the most seasoned investor blush. However, as our favorite coin climbs higher, the potential for profit-taking increases, as we’ve seen in the last 24 hours.
XRP Holders: To Sell or Not to Sell?
The supply of XRP in profit has recently crossed the 95% threshold, a level that often signals a market top. When supply exceeds this level, it usually results in a price reversal. But wait, there’s more! XRP has consistently reached this area over the past year and managed to maintain its price, moving sideways with occasional corrections. This historical behavior suggests that while the current rise could face resistance, it may not necessarily lead to a drastic reversal.
However, the overall macro momentum for XRP raises concerns. In the last 24 hours alone, over 140 million XRP, valued at more than $387 million, have been sold to exchanges. This large sell-off signals a lack of conviction among investors, as many appear to be booking profits.
With such a large volume of XRP entering exchanges, the market sentiment may weaken, as investors are securing gains. While this is typical in bull markets, the scale of selling in the last 24 hours could lead to a pullback, negatively impacting the price of XRP in the short term.
XRP Price: To the Moon or Back to Earth?
XRP price has risen 9% over the past 24 hours, peaking at 16% during intra-day highs. Despite this strong performance, XRP missed hitting the $3.00 mark by inches. This rally has drawn significant attention, but the price faces challenges as it nears key resistance levels.
Trading at $2.78, XRP may struggle to reach $3.00 given the factors discussed above. If the selling pressure intensifies, a drop below $2.65 is likely, with the potential for further declines to $2.35.
This could trigger a broader market correction, wiping out the recent gains and hindering further price growth.
However, if broader market conditions remain bullish and if whales step in to absorb the sold supply, XRP could push toward $3.00. Breaching this key resistance would mark a five-month high and potentially pave the way for further gains.
The ability to break through this level will depend on continued investor confidence and market stability. So, buckle up, XRP holders, because this wild ride is far from over! ðð
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2025-07-13 01:16