XRP Price Stalls, Profit-Taking Rises to $1.6 Billion in 24 Hours
XRP price action remains stagnant, with the cryptocurrency consolidating for six weeks and failing to reach its all-time high (ATH) of $3.31.
Investors frustrated by a lack of momentum are choosing to cash out, suggesting increased profit-taking activity. This trend could influence the price trajectory of altcoins in the coming weeks.
XRP investors are exiting
Realized profits have surged significantly in the past 24 hours, with nearly 695 million XRP worth over $1.6 billion sold. Increased profit-taking highlights growing investor dissatisfaction with markets XRP Price Stagnates move. This behavior has been seen before during prolonged consolidations and could exacerbate selling pressure.
The ongoing consolidation previously triggered a minor sell-off, which prevented XRP from gaining upward momentum. The token’s price may face further challenges as the frequency of sales increases, although the resilience of key support levels offers hope for stability.
The MVRV long-short ratio shows that long-term holders are still making profits, which contributes to XRP’s stability. These investors are critical to the health of any cryptocurrency and have shown resilience by holding on to their positions despite market stagnation.
This resilience has helped Ripple maintains Even as profit-taking increases, support remains at $2.00. As long as these holders continue to support the asset, XRP’s value is unlikely to fall significantly, barring an unexpected surge in selling activity.
XRP Price Prediction: No Escape
Ripple is It is currently trading at $2.31, with a consolidation range of $2.00 to $2.73. This sideways movement has persisted for six weeks, hampering any major gains in altcoin prices.
This consolidation prevented XRP from breaking above the $2.73 resistance and approaching top levels of $3.31. Given current market conditions and sentiment, this trend of price stagnation is likely to continue in the short term.
However, rising selling pressure could threaten Ripple support $2.00. Losing this key level could lead to a drop in price, potentially towards $1.50 or lower. Such a scenario would invalidate the current bullish neutral outlook, resulting in significant losses for investors.
Disclaimer
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