Ripple 
$1 (XRP) continues to exhibit notable movements among high market-cap altcoins. Over the past 24 hours, XRP surged by 34% but then faced a subsequent decline of 18.79%. This high volatility generates uncertainty among traders, with the price striving to stay above the critical $2 level. A breakdown below this support could risk a drop to $1.50, yet whale purchases and increasing exchange outflows may bolster XRP’s strength.
Significant Support Zone for XRP
XRP maintains its gains substantially post-2024 U.S. presidential elections, unlike other altcoins. Long-term holders are supporting a price above $2. Daily charts indicate that the $2 mark offers robust support. However, a 50% drop in active wallet numbers suggests market participants are remaining cautious.
Technical indicators reveal a rising selling pressure, with the MACD showing a downward trend and market sentiment remaining weak. Nonetheless, whale wallets continue accumulating XRP. In the past week, wallets holding between 100 million and 1 billion XRP have collectively acquired 2 billion units, a significant factor countering selling pressure.
Additionally, there has been a notable withdrawal of 99 million XRP from exchanges, representing a 94.12% increase compared to the previous day. This trend of moving XRP off exchanges indicates a shift towards long-term holding rather than selling.
Can XRP Maintain Above $2?
For XRP to sustain the $2 level, both technical and fundamental indicators need to align positively. Currently, a breakdown below this support appears unlikely, primarily due to strong retail investor inflows and increased whale buying activity.
Conversely, there is a noticeable rise in short positions within the futures market. However, this situation could trigger a “short squeeze,” leading to a rapid increase in XRP’s price. Thus, current levels are viewed as an opportunity for long-term investors.
