Cryptocurrency Ripple fell by 11% over the week

The cryptocurrency Ripple XRP $3.05 XRP -0.18% Market capitalization $181.41 billion VOL. 24 hours $0.5 billion lost 11% in value over the past week, dropping to $ 2.82, but later recovered to $ 2.93. Currently, the asset is trading at around $ 2.85, with daily volumes of $ 6 billion, which is 5% less than before. Experts explain that a decline in volumes is often observed after sharp changes, when market participants choose a wait-and-see attitude.

Despite the decline, technical analysis shows the formation of a so-called rectangular range, which indicates consolidation that may precede new growth. Analysts note that the key resistance levels for XRP are located at $ 3.26 and $ 3.33, and the asset itself is held above the critical support zone, which adds confidence to buyers.

The situation on the market was exacerbated by a large movement on the part of large wallet holders. Over the last period, they transferred more than 470 million XRP to exchanges, mainly Binance, which indicates profit-taking after previous growth. Some transactions exceeded 100 million tokens. At the same time, the same wallets had previously accumulated more than 320 million XRP worth almost $ 1 billion during previous pullbacks, which supported the price at key levels.

The trading activity of the whales remains high, with some transactions recorded in recent days, including those for 11.8 million XRP. This demonstrates that large players continue to actively influence market dynamics, maintaining a balance between sales and accumulation.

On the short-term charts, there is a buy signal from the TD Sequential tool, which previously accurately predicted a local high of $ 3.65 in July. Analysts believe that the current signal may indicate a new rebound in the price. Despite the pressure from the broader crypto market, where liquidations have reached $ 360 million, XRP is showing resilience and continues to attract buyers in support zones.