XRP Price Today: XRP Drops Below $2.20 as Whales Dump 200M Tokens but Analysts Predict Massive Rebound
XRP dropped below $2.20 following a 200 million token dump by whales, yet analysts suggest this is a shakeout preceding a massive rebound.Summary
The XRP price experienced a 3.5% pullback, falling below $2.20 due to intense selling pressure, highlighted by whales offloading nearly 200 million XRP in 48 hours, with transfers exceeding $400 million directed to centralized exchanges. This selling followed the successful launch of the Canary Capital XRP ETF, which saw $58 million in first-day volume, indicating strong institutional interest. Despite the short-term drop, several analysts view the activity as a 'shakeout' pattern, noting that historical fear levels often precede sharp reversals, and maintain that the broader structure remains intact. Technically, immediate support lies at $2.10, with a weekly close below $1.90 potentially exposing lower ranges, though the long-term uptrend remains above $1.60.
(Source：Brave New Coin)