XRP seems to be losing steam after a surge as whales are sending millions of tokens to exchanges and selling increases in weight. Whale Alert reported a dump of 30.17 million XRP on Coinbase, while CryptoQuant recorded an increase of 34 million XRP in exchange stores. At the same time, XRP is struggling with technical resistance around $2.60 and a critical support level at $2.30. In this article we will take a closer look at the reasons for this situation and the possible consequences. XRP stock price history.
Whales dump millions of XRP on Coinbase
In a post on
🚨 🚨 🚨 🚨 30,171,667 #XRP (76,341,868 USD) transferred from unknown wallet to #Coinbasehttps://t.co/K86Ql4cAjQ
– Whale Alert (@whale_alert) January 12, 2025
In addition, the on-chain analytical company CryptoQuant has noticed that exchange reserves have increased by 34 million XRP in the last 48 hours. This metric shows that long-term holders are starting to move their holdings to exchanges, which could indicate a possible sell-off and selling pressure that is 'increasingly.
Sources of exchange. Source: CryptoQuant
In addition to this, these sell signals and famous XRP trades are taking place while the altcoin also seems to be losing technical strength.
XRP falls to critical support levels
After XRP's recent break above a crucial descending trend line, traders expected a massive rally. However, the price is returning to $2.40, suggesting that momentum is declining rather than increasing. Let's examine the reasons for this sudden slowdown and the possible consequences for the market.
Although XRP managed to break through the downtrend line, the rally failed to maintain a sustained trend. This indicates that there was not much buying pressure after the breakout, which is necessary for a rally to continue. XRP is now more vulnerable to selling pressure from whales and others, which was discussed earlier, because it has not definitely closed above $2.50, which has been weakened bull confidence.
The XRP rate. Source: TradingView
The broader crypto market is in a phase of risk reduction, with traders taking profits after recent gains. This pattern is particularly evident with assets like XRP, which have already seen significant gains. The reduced risk appetite is limiting capital inflows into XRP, further inhibiting price appreciation.
Around $2.60, XRP encounters a major resistance, blocking the upside. This resistance, along with a decrease in volume, indicates that traders are reluctant to increase the price further without more powerful drivers.
A key support point to watch is the $2.30 level, which is in line with the 50 EMA. If XRP breaks this barrier, it could confirm lower support levels such as $1.69 or even $1.20.
Currently, the neutral RSI is around 57, indicating that the market is uncertain. If selling pressure continues, XRP could fall further, especially if the general market remains cautious. However, a strong recovery from the $2.30 support level could revive hope and allow for another breakout attempt. So it seems wise to discover an emerging crypto that is better off:
Possible alternatives to XRP
Despite the strong rise of Ripple in November, the coin now seems to be losing momentum, while other cryptos look more attractive. Especially coins that are still in the pre-sale level, give investors a unique opportunity to get in early at low prices and thus potentially get a much higher return.
Wall Street Invitational (WEPE)
People who know Pepe the Frog know all too well the earning potential of this meme. The original PEPE meme coin has a market cap of over $7.4 billion. That is why the presale of Wall Street Invitational (WEPE)the smart alternative to the traditional Pepe the Frog, has been a huge success.
Currently, WEPE has raised over $47 million in funding. This achievement once again shows how attractive a meme base like WEPE is. What sets this presale apart, however, is that it offers much more than just the meme side.
The creators of this cryptocurrency have created a private community open only to WEPE traders. Within this community they provide detailed guidance on the best time to buy the coin. After you and other traders buy the coin, they then promote it on public platforms. This strategy leads to price increases, allowing you to sell your WEPE quickly for a profit.
To the official website of Wall Street Pepe
Solaxy (SOLX)
In a cryptocurrency landscape largely dominated by meme coins, it's easy to overlook the fact that there are crypto projects that serve different roles and bring benefits to both traders and developers. Fortunately late Solaxy (SOLX) see that resource-driven coins can represent a valuable investment opportunity.
solaxy works both as a network and as a digital currency. The Solaxy network primarily operates as a layer 2 solution built on the Solana blockchain. As you probably know, the Solana network is characterized by its fast transaction speeds and low fees, making it particularly suitable for coin meme development. However, it is less efficient for decentralized finance (DeFi) applications due to frequent transaction errors and insufficient liquidity.
By using both the Solana blockchain and Ethereum, Solaxy has successfully addressed these issues. As a result, the network is characterized by speed, cost-effectiveness and reliability. So it's only a matter of time before a large number of DeFi developers move to Solaxy. This will then have a positive effect on the price of the token.
To the official website of the solaxies
Best Wallet (BEST)
Just as Solaxy represents Best Wallet (BEST) a project that also offers convenience within the market. However, unlike Solaxy, Best Wallet does not focus on a specific blockchain or network; rather, it includes a broad crypto ecosystem. This ecosystem includes a cryptocurrency wallet, a decentralized exchange and a debit card with 8% cash back.
The rapid growth of this platform is amazing as it has crossed one hundred thousand users on both Android and iOS. This development is very good for the value of BEST, the native indicator of the platform. An increase in the number of users engaged with the Best Wallet is related to an increased demand for BEST.
Owning $BEST offers a number of benefits to consumers. This allows for lower transaction costs, both on the exchange and via debit card, while also providing access to exclusive pre-sales of the latest coins available only on Best Wallet.
