On March 2, XRP registered a 34.15%rally. Price pumps have been announced after the announcement that Donald Trump’s XRP (XRP) will be included in the US strategic encryption protection with Solana (SOL) and Cardano (ADA).
XRP 1 day chart. Source: COINTELEGRAPH/TradingView
However, Altcoin repayed 50%of the rally on March 3 and emphasized that an analyst could potentially move on the stage.
XRP whales are sold at the record level
XRP suggests that KI-Young JU, the founder of Kryptoquit, is currently potentially cashed with a larger Cryptoquit founder. With the help of XRP’s volume bubble map, he emphasized the activities between $ 2 and $ 3 last month.
XRP volume bubble map. Source: x.com
Mass activities can be synonymous with buyers, but the lord says that Altcoin is in the current distribution stage.
From a technical point of view, the “distribution stage” describes the steps that major investors gradually sell their shares to block the profits generated near the height of the upward trend.
XRPL-WHALE Flow Chart. Source: x.com
Similarly, Maartunn, a proven onchain analyst, confirmed that XRP is in the distribution stage. With the help of whale flow analysis, the analysts confirmed that the negative whale flow calculated by the 30-day moving average (30-DMA) reached the lowest level ever. Added by the analyst
“This metric shows the whale flow. They are off the $ XRP as they have never seen before. ”
XRP Director: Exchange Reserve Binance. Source: cryptoquant
Meanwhile, Binance’s own XRP Exchange has increased rapidly from 27.2 billion to 29 billion tokens. The increase in exchange reserves indicates high sales pressure that matches the development of the distribution stage of the XRP.
Related: Is the XRP price of $ 18k? -The group of Crypto ‘RESEARCH’ is said to be possible
The analyst said that XRP is in a problem of less than $ 2.50.
Despite the recent rally, DOM, an XRP market analyst, said that Altcoin did not have a record high of VWAP (Volume-WEIGIGHT AVERAGE PRICE) for $ 2.70.
In order to maintain the future rally, it is important for Altcoin to maintain a position of more than $ 2.50.
However, DAMI Defi, an encryption investor, indicates that the HTF (High Time Frame) chart of XRP is higher than key resistance and higher order trend lines. Investor adds
“If Trump supports the $ XRP of the US protection area, this level is overturned, it’s a game for price discovery.”
On the contrary, MATT C, a cyber security engineer and Bitcoin supporter, dismissed the optimistic behavior of XRP and confirmed the formation of reverse head and shoulder for Altcoin. As the relative strength index (RSI) formed a lower highest on the first day of the XRP, Bitcoin lovers believed that Altcoin’s current surge is the “liquidity exit” of the public.
Related: Bitcoin is returned to less than $ 90K as the encryption market clears $ 150 million in time.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and readers must conduct their own research when making decisions.