[Analysis] XRP, fluctuates around the $2 level…"Concern of falling below $1.94 if aggressive selling occurs"
Summary
- XRP is reported to be showing limited movement near the $2 support level.
- It stated that recent whale selling and long-term holders' cumulative buying have appeared simultaneously, causing the price to trade sideways between $2 and $2.2.
- It analyzed that if selling pressure strengthens, there is a risk of breaking the $1.94 support and a possibility of adjustment to $1.85.
XRP is continuing to trade narrowly near the $2 support level, and analysts say that if selling pressure enters, it could fall below $1.94.
On the 8th (local time), BeInCrypto said, "XRP has recently repeatedly returned to the $2 level, reconfirming an important psychological and technical support level," and "recent whale selling and cumulative buying by long-term holders have appeared simultaneously, causing the price to range between $2 and $2.2," it evaluated.
It added, "If selling pressure strengthens, the risk of breaking the $1.94 support could increase. If this zone collapses, from a technical perspective the adjustment could extend to $1.85, and most short-term upside expectations could be nullified."
Meanwhile, XRP is currently trading at $2.03, up 0.06% from the previous day, according to CoinMarketCap.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.![[Market] Bitcoin falls below $82,000...$320 million liquidated over the past hour](https://media.bloomingbit.io/PROD/news/93660260-0bc7-402a-bf2a-b4a42b9388aa.webp?w=250)
