53 mln XRP whale transfer jolts market – Can bulls defend the $2 wall?

• Whale Alert reported a 53M XRP switch to Coinbase, price $118M, fueling sell-off considerations.
• A drop beneath $2 might push XRP to $1.74, whereas a breakout above $2.26 may set off a 22% rally.

Ripple’s [XRP] has been hit laborious amid ongoing market uncertainty and was at a make-or-break level at press time.

The every day chart revealed that the altcoin dropped over 7% in a single day, dragging the worth all the way down to the $2.04 assist stage and brushing in opposition to the 200-day EMA.

Are whales promoting off XRP holdings?

Given the present market construction and XRP value motion, whales and merchants preserve a robust bearish outlook, elevating questions on whether or not the XRP value will maintain this assist or is making ready for a crash.

On-chain tracker Whale Alert flagged a serious transaction—53 million XRP price roughly $118 million was transferred to Coinbase up to now 24 hours.

Up to now, this substantial transaction from an unknown pockets to Coinbase has not been confirmed as a sell-off.

Nonetheless, the timing of those transactions coincides with XRP’s current 7% value dip, hinting that buyers or whales could be making ready for a sell-off.

Moreover, such transfers are usually linked to whales and will counsel a transfer in anticipation of a possible market crash.

Merchants $91 million price of bearish bets

Furthermore, the XRP Alternate Liquidation Map from CoinGlass reveals concentrated quick positions build up between $1.96 and $2.26.

At $2.268, merchants have stacked $91.66 million in cumulative quick liquidation leverage, betting in opposition to a breakout.

Throughout the identical time, $43.60 million price of quick positions stay energetic at $1.962—making a bearish band that XRP will battle to beat except momentum shifts sharply.

Supply: CoinGlass

This metric signifies that merchants holding quick positions are at present dominating and controlling the market.

Moreover, attributable to these important bearish bets, it might be difficult for the alt’s value to breach this stage, because it now acts as robust resistance.

At press time, XRP traded at $2.13, down 2.65% within the final 24 hours. Apparently, quantity spiked 75%, reflecting heightened dealer engagement throughout this consolidation.

XRP value motion and key ranges 

In accordance with AMBCrypto’s evaluation, XRP is retesting the 200-day EMA at $2.08, whereas sitting simply above key horizontal assist. Regardless of a 21% pullback, the broader development nonetheless leans bullish—however the construction is clearly fragile.

Supply: TradingView

If value breaks beneath $2.00, the following key assist lies at $1.74, implying a 13% draw back. On the flip facet, if bulls reclaim momentum, a break above resistance may see XRP surge 22% towards $2.60.

For now, XRP stays caught between opposing forces: whale uncertainty and dealer pessimism on one facet, and long-term assist and potential breakout setups on the opposite.