XRP Under Pressure 📊 – September Whale Moves Fuel Bearish O
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Updated at: 2 hours ago
{"content":"XRP Under Pressure 📊 – September Whale Moves Fuel Bearish Outlook
XRP sells down below $3.00, showing cryptocurrency market risk-off attitude.
September saw large investors cut XRP holdings, postponing a possible breakthrough to record highs.
XRP demand is falling due to low network activity.
On Monday, Ripple (XRP) fell almost 3% to $2.85. Due to volatility, investors cut their exposure on worries of sustained losses this week, preventing the cross-border money transfer token from staying over $3.00.
Investors face $1.7 billion in 24-hour liquidations for the crypto market and $74 million for XRP. Topside-heavy XRP's technical picture suggests additional losses, exacerbated by decreased network activity and risk-aversion among high volume investors.
XRP falls as whales de-risk
XRP interest dropped dramatically in September because to risk aversion and the belief that September is a bad month for cryptocurrencies.
Santiment data shows wallets holding 1 million to 10 million XRP have lowered their holdings by 0.27% since September 1, to 10.48% on Monday.
Over the same time, the cohort with 100 million and 1 billion XRP has reduced from 14.38 to 13.88% of the total supply.
According to CoinGecko, minor percentage drops add up given the large 99 billion XRP total supply. If this de-risking trend continues, supply may exceed demand, postponing the $3.00 breakthrough.
On-chain data shows whales lost interest, with active addresses down to 31,000 on Monday. This is a big dip from June's high of 581,000.
XRP sits between the 100-day Exponential Moving Average (EMA) support at $2.83 and the 50-day EMA resistance at $2.95. XRP's Relative Strength Index (RSI) fell from 61 to 44, indicating a negative outlook despite short-term support.
If the down trend continues below the 100-day EMA, a candle wick at $2.70 and the 200-day EMA at $2.59 are uncertain support. Still, a reversal over $3.00 is possible if traders purchase the drop and drive a price rebound.
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