Key Insights:
- XRP price dipped below the $2 mark recently, fueling concerns in the market.
- The Ripple whales have offloaded 280 million coins recently.
- Analyst said that XRP price must hold the $2 support to avoid a brutal correction.
The recent dip in XRP price below the $2 mark has sparked discussions among market participants. In other words, the recent retreat has fueled concerns over the future potential of the asset, especially with experts warning of another correction ahead.
Meanwhile, it appears that the dip came in amid the aggressive selling pressure from the large investors or whales. It seems that the whale selloff has outpaced the continuing accumulation trend of the institutions, as evidenced by the latest Ripple ETF inflow.
As XRP price has gone through a topsy-turvy scenario, a top expert has warned of a potential crash to $1.2 if it loses a key support level ahead. On the other hand, the volatile scenario in the broader crypto market has further spooked market participants.
During writing, the global crypto market cap lost more than 2% and slipped to $3.07 trillion, with almost all the top assets resting in the red zone. BTC price has lost 2% and hovered near the $90,400 mark, while ETH price was down over 4% to $3,110.
XRP Price Slips Below $2 Amid Whale Selloff
The latest trends in the XRP market have spooked traders, indicating that the investors have remained cautious amid the ongoing volatile scenario in the market. At the time of writing, Ripple coin price traded near the flatline at $2.04, witnessing a slight recovery from its recent losses.
The trading volume of the asset also fell nearly 6% to $2.72 billion, suggesting a decline in the activity of traders. XRP price has touched a high and low of $2.04 and $1.98, respectively, in the last 24 hours.
Meanwhile, it seems that the dip comes amid aggressive selling from the Ripple whales. Analyst Ali Martinez has recently highlighted the selloff trends, which have spooked traders while suggesting that the whales have continued to exit the market in recent days.
According to Ali Martinez, XRP whales have offloaded 280 million Ripple coins in the past week. This massive selling pressure from the large investors might have halted the much-anticipated surge in XRP price and hindered its attempt to break through the $2.2 resistance.
What’s Next for Ripple Coin?
As XRP price has slipped below the $2 support, the market watchers are looking for the potential future movement of the asset. However, it seems that as the asset has reclaimed the brief support, it has offered some relief to market participants.
Amid this, analyst Ali Martinez has shared a stark warning, which has caught the eyes of investors. For context, the expert said that if XRP price loses the key support at $2, the crypto will be at risk of falling to as low as $1.2.
Notably, the gloomy outlook comes despite the soaring institutional bets, as evidenced by the latest XRP ETF fund flow data. According to SoSoValue, the Ripple ETF has recorded an inflow of $20.17 million on December 12.
The overall inflow into the XRP ETF since launch has reached $974.5 million, which has further bolstered market confidence.
On the other hand, the latest Ripple news is also positive, which appears to have gained notable traction recently. For context, Ripple has recently partnered with AMINA Bank, with its focus on expanding its foothold in Europe.