Whales moved $118M, shorts dominate—can XRP hold $2 or will the bears drive it down harder?
- Whale Alert reported a 53M XRP transfer to Coinbase, worth $118M, fueling sell-off concerns. A drop below $2 may push XRP to $1.74, while a breakout above $2.26 could trigger a 22% rally.
Ripple’s [XRP] has been hit hard amid ongoing market uncertainty and was at a make-or-break point at press time.
The daily chart revealed that the altcoin dropped over 7% in a single day, dragging the price down to the $2.04 support level and brushing against the 200-day EMA.
Are whales selling off XRP holdings?
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Given the current market structure and XRP price action, whales and traders maintain a strong bearish outlook, raising questions about whether the XRP price will hold this support or is preparing for a crash.
On-chain tracker Whale Alert flagged a major transaction—53 million XRP worth approximately $118 million was transferred to Coinbase in the past 24 hours.
So far, this substantial transaction from an unknown wallet to Coinbase has not been confirmed as a sell-off.
However, the timing of these transactions coincides with XRP’s recent 7% price dip, hinting that investors or whales might be preparing for a sell-off.
Additionally, such transfers are typically linked to whales and may suggest a move in anticipation of a potential market crash.
Traders $91 million worth of bearish bets
Moreover, the XRP Exchange Liquidation Map from CoinGlass reveals concentrated short positions building up between $1.96 and $2.26.
At $2.268, traders have stacked $91.66 million in cumulative short liquidation leverage, betting against a breakout.
During the same time, $43.60 million worth of short positions remain active at $1.962—creating a bearish band that XRP will struggle to overcome unless momentum shifts sharply.
Source: CoinGlass
This metric indicates that traders holding short positions are currently dominating and controlling the market.
Additionally, due to these significant bearish bets, it could be challenging for the alt’s price to breach this level, as it now acts as strong resistance.
At press time, XRP traded at $2.13, down 2.65% in the last 24 hours. Interestingly, volume spiked 75%, reflecting heightened trader engagement during this consolidation.
XRP price action and key levels
According to AMBCrypto’s analysis, XRP is retesting the 200-day EMA at $2.08, while sitting just above key horizontal support. Despite a 21% pullback, the broader trend still leans bullish—but the structure is clearly fragile.
Source: TradingView
If price breaks below $2.00, the next key support lies at $1.74, implying a 13% downside. On the flip side, if bulls reclaim momentum, a break above resistance could see XRP surge 22% toward $2.60.
For now, XRP remains stuck between opposing forces: whale uncertainty and trader pessimism on one side, and long-term support and potential breakout setups on the other.
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