XRP Ripple Facing Trouble: Zero Buys and Heavy Sell Pressure

What to Know:

• XRP, Ripple’s crypto asset, has experienced a slight drop in trading value with high selling volume.
• Potential price manipulation was indicated by an unusual sell volume with zero buying activity.
• Whale accumulation and pending ETF decisions could significantly influence XRP’s future market behavior.

Ripple’s XRP was recently observed to trade at $2.85, experiencing a minor downturn in the past 24 hours. The crypto asset recorded a 24-hour trading volume of $4.84 billion, with a mere 1% drop over the past week. However, recent price movements on lower timeframes have sparked concerns due to an unexpected surge in selling volume with no visible buying activity.

An XRP/USD chart shared by EGRAG CRYPTO, showcasing a 15-minute snapshot, revealed an alarming sell volume of 37,560, while the buy volume remained at zero during the latest candle. The delta reading plunged to -200%, indicating that sellers dominated the market with buyers noticeably absent. During this period, the price saw a decline from roughly $2.91 to $2.85.

Technical indicators on the chart also turned bearish, with short-term moving averages broken and volume sentiment dropping to -5.00%. This unusual market activity caused a stir within the crypto community, leading to speculations of potential market manipulation and intense selling pressure.

On the other hand, CRYPTOWZRD observed that XRP’s daily candle closed slightly bullish, while the XRP/BTC pair moved lower as Bitcoin’s dominance escalated. If this metric begins to decline, XRP could potentially break out of its current triangle pattern. Resistance levels are noted at $3.15 and $3.65, with daily support near $2.75.

Intraday chart analysis indicates the price hovering above $2.8850. A move higher towards $3.01 could secure ongoing trades, while a drop under $2.8850 might result in more sideways movement. The next market move may follow Bitcoin’s broader trend, with traders awaiting more clarity before making decisions.

Steph Is Crypto, citing data from Coinglass, revealed a buildup of liquidity zones forming below the $3 mark. These zones, particularly strong between $2.50 and $2.00, are attracting large resting buy orders and could potentially draw a price drop to fill pending orders before a possible move higher.

Crypto whale wallets, holding between 10 million and 100 million XRP, have reportedly accumulated over 120 million tokens in the past 72 hours. This suggests a strategic positioning during the recent market pressure.

Several spot XRP ETF applications are currently under review by U.S. regulators. Grayscale’s application is due for review on October 18, with others following through mid-November. These dates are under close scrutiny by market participants as they could significantly influence future buying activity and the overall performance of XRP in the crypto market.

Related: XRP Price: $12M Max Pain for Bears