Foreign media reports indicate that XRP has recently come under renewed pressure, with large on-chain holdings changes coinciding with price weakness, causing the market to refocus on its next support level. The report cites Santiment data showing that in the past week, large holders transferred or redistributed approximately 60 million XRP, a move typically seen as a precursor to increased volatility.
The relocation of whales exacerbates the wait-and-see attitude.
The report noted that this flow of tokens doesn't necessarily mean a direct sell-off, but during periods of weakening prices, concentrated actions by large addresses often amplify market caution. XRP has thus been dragged into the broader crypto asset pullback, with investors beginning to discuss whether it has approached a temporary low.
According to CoinCodex data, as of press time, XRP was trading at $1.16, down 9.18% over the past 7 days. After the price decline, market focus is now shifting to whether the support levels below can absorb the selling pressure.
$0.92 and $0.87 are attracting attention.
The report, citing market commentator CasiTrades, suggests that XRP may still be in the downside phase of its current correction. She believes the price has broken below a key support level that has held for several months, and that $0.92 is a noteworthy downside target based on Fibonacci extension levels.
Meanwhile, $0.87 is also seen by many traders as another important support level. Whether this range provides support if prices continue to decline will affect whether the short-term trend can stabilize.
- Focus range: $0.92
- Another support level: $0.87
- Current price: $1.16
The upside potential still faces resistance.
According to the scenario described in the report, if XRP quickly drops to around $0.92, a technical rebound may follow, potentially targeting around $1.20. However, the article also emphasizes that this rebound is more of a temporary correction than a complete trend reversal.
The key disagreement lies in whether the current pullback is merely a cleansing of excessive leverage for future corrections, or the start of a deeper correction. If the $0.87 to $0.92 range is breached, market concerns about a deeper pullback could intensify; conversely, if this range holds, short-term sentiment towards XRP is likely to ease.
