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XRP appears to be losing steam after the rally as whales send millions of coins to exchanges and selling pressure increases. Whale Alert reported a dump of 30.17 million XRP on Coinbase, while CryptoQuant recorded an increase of 34 million XRP in exchange reserves. Meanwhile, XRP is facing technical resistance around $2.60 and a crucial support level at $2.30. In this article we take a closer look at the causes of this condition and possible consequences XRP price forecast.
Whales dump millions of XRP on Coinbase
In a post on
– Whale Alert (@whale_alert) January 12, 2025
Additionally, on-chain analytics firm CryptoQuant noted that exchange reserves increased by 34 million XRP in the past 48 hours. This measure shows that long-term holders are starting to move their holdings to the exchanges, which could indicate a potential sell-off and increased selling pressure.
Exchange reserves. Bron: Cryptoquant
Furthermore, these sell signals and notable XRP trades are occurring while the altcoin also appears to be losing technical strength.
XRP crashes towards crucial support levels
After XRP’s recent breakout above the crucial downtrend line, traders expected a significant rally. However, the price is back at $2.40, indicating that momentum is waning rather than increasing. Let’s explore 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 sustained momentum. This suggests that there was little buying pressure after the breakout, which is necessary for the rally to continue. XRP is now more vulnerable to the selling pressure from whales and others, which was discussed earlier, as it failed to close convincingly above $2.50, undermining confidence in the rally.
XRP rate. Source: Trading View
The broader cryptocurrency market is going through a risk reduction phase, with traders taking profits following recent gains. This pattern is especially evident with assets like XRP, which has already seen significant gains. Reduced risk appetite limits capital inflows into XRP, further hindering price appreciation.
At around $2.60, XRP is facing significant resistance, holding back the upside. This resistance, combined with lower volume, indicates that traders are reluctant to push the price further without more powerful drivers.
The main support point to watch is the $2.30 level, which corresponds to the 50 EMA. If XRP breaks this barrier, it may test lower support levels such as $1.69 or even $1.20.
Currently, the RSI is neutral around the 57 level, indicating that the market is uncertain. If the selling pressure continues, the price of XRP could fall further, especially if the broader market remains cautious. However, a strong recovery from the $2.30 support level may revive optimism and allow for another breakout attempt. So it seems wise to discover which emerging cryptocurrencies are faring better:
Possible alternatives to XRP
Despite Ripple’s strong rally in November, the coin seems to be losing momentum now, while other cryptocurrencies look more attractive. Especially coins that are still in Pre-sale This stage provides investors with a unique opportunity to enter early at low prices and thus achieve a much higher return.
Wall Street Call (WEPE)
People who know Pepe the Frog know all too well how strong the earnings potential of this meme is. The market cap of the original PEPE meme coin is over $7.4 billion. This is exactly why it is pre-sold Wall Street Call (WEPE)a clever alternative to the traditional Pepe the Frog, has been a notable success.
Currently, WEPE has raised over $47 million in funding. This achievement once again shows how attractive a meme coin like WEPE is. However, what’s great about this pre-sale is that it offers much more than just the meme aspect.
The creators of this cryptocurrency have created a private community open exclusively to WEPE traders. Within this community they provide precise guidance on the optimal timing to purchase the currency. After you and other traders buy the coin, they then promote it on public platforms. This strategy increases prices, giving you the opportunity to sell WEPE quickly for a profit.
To the official website of Wall Street Baby
Sollax (Solex)
In a cryptocurrency landscape that is largely influenced by memes, it is easy to overlook the existence of cryptocurrency projects that serve different functions and provide benefits to both traders and developers. Fortunately it’s late Sollax (Solex) We believe that utility coins can represent a valuable investment opportunity.
Solaxy acts as both a network and a cryptocurrency. Specifically, the Solaxy network acts as a layer 2 solution built on the Solana blockchain. As you know, the Solana network features high transaction speeds and low fees, making it particularly suitable for meme development. However, it is less effective for decentralized finance (DeFi) applications due to frequent transaction errors and insufficient liquidity.
Using both the Solana blockchain and Ethereum, Solaxy has successfully addressed these issues. Hence, the network is fast, cost-effective and reliable. So it is only a matter of time before a large number of DeFi developers turn to Solaxy. This will have a positive impact on the price of the token.
To the official website of Solaxy
Best Wallet (Best)
Just as Solaxy represents Best Wallet (Best) A project that also provides benefit within the market. However, unlike Solaxy, Best Wallet is not focused on a specific blockchain or network; Rather, it includes an extensive cryptocurrency ecosystem. This ecosystem includes a cryptocurrency wallet, a decentralized exchange, and a debit card with 8% cashback.
The current rapid growth of this platform is notable as it has crossed one hundred thousand users on both Android and iOS. This development bodes well for the value of BEST, the platform’s native token. The increase in the number of users transacting with Best Wallet is associated with an increase in demand for BEST.
Owning $BEST provides users with many advantages. This allows for reduced transaction costs, both at the exchange and via debit card, while also providing access to exclusive pre-sales of the latest coins only available on Best Wallet.
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