Why Is XRP Facing Intense Selling Pressure?
XRP recently experienced a sharp surge of 34.15% on March 2 following the announcement by U.S. President Donald Trump that it would be included in the country’s digital reserves. However, this rally was short-lived, as the price fell significantly the next day, erasing nearly half of its gains. This abrupt decline has sparked discussions among market analysts.
Large Holders Increasing Selling Activity
According to trader Ki-Young Ju, XRP is witnessing heightened trading volume, with major investors offloading substantial amounts of their holdings. Despite fluctuating between $2 and $3, the selling pressure currently outweighs buying interest, leading to increased market volatility.
Can XRP Maintain Key Support Levels?
Despite the recent price spike, XRP remains around 30% below its all-time high. Analyst Dom highlights that the cryptocurrency is struggling to hold above the critical $2.70 support level. A drop below this threshold could trigger further selling. Similarly, Dami DeFi warns that large holders continue to sell, which may hinder XRP’s ability to sustain its value in the near term.
Disclaimer
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