XRP Price Faces Whale Pressure but Analysts Predict Bullish Reversal in August
The post XRP Price Faces Whale Pressure but Analysts Predict Bullish Reversal in August appeared on BitcoinEthereumNews.com.
XRP price declined over 2.87% in 24 hours and traded near $2.8 after the recent sell-off, with whale activities creating a sudden slump. More than 710 million of the Ripple coins were dumped within 24 hours, which is an indication of distribution pressure. Technical analysts, however, indicated a possible bullish turnaround with a possibility of an upward move towards the range between $6 and $8 in August. XRP Price Neared $2.80 Support as Wave 5 Ends XRP price continued to correct following a sharp move from $3.65 to below $3.00. Analyst Mr. Xoom mapped a five-wave Elliott structure on the 4-hour chart, with wave (5) in progress. The price is trading at around $2.79, and a final leg down is expected to meet $2.70-$2.80, where the price will reverse. XRP 4H Chart | Source: Xoom Additionally, the analyst affirmed that he did not anticipate XRP price to dip below the $2.80 support. A completed corrective wave sequence can be expected from this event, as the retraced price drawdown was closer to previous Fibonacci levels. Xoom maintained that once the fifth wave concludes, a major reversal could take place. His upside target for August remained $6–$8, assuming bullish confirmation. Price action mirrored prior rallies, which occurred off five-wave declines in 2023 and early 2024. Moreover, the decreasing volume of the fifth wave suggested the possible slowing of selling pressure. Ripple Whale Wallets Dumped 710 Million XRP In the meantime, Ali Martinez shared Santiment data revealing a mass XRP whale sell-off. The wallets between 100 million and a billion Ripple coins lost more than 710 million tokens within a single day. This wave of distribution coincided with the altcoin drop from above $3.10 to $2.83. Source: Santiment Data The chart showed a steep decline in whale-held supply between July 31 and August…
