Ripple Whale Bags 1B Coins But Trump Pump Fades, What’s Next?

In the latest XRP news, the Ripple whales have accumulated around 1 billion coins as the crypto recorded massive gains yesterday. However, the momentum appears to have faded, as evidenced by the ongoing retreat in the asset’s price. So, let’s explore the current accumulation trend and see what lies ahead for the crypto.

XRP News: Ripple Whales Buy 1 Bln Coin

Ripple whales have once again made headlines in the XRP news column with their latest buying trend. Renowned market analyst Ali Martinez highlighted the trend, indicating the renewed interest of the market participants towards the asset.

For context, Martinez said that whales or large investors have purchased nearly 1 billion coins from yesterday, as the price soared more than 25% nearing the $3 mark. However, despite the massive XRP whale accumulation, the momentum was short-lived.

XRP Price Slips: Here’s Why

XRP price today was down 13% to $2.31, with its trading volume falling 30% to $13.9 billion. Notably, the 24-hour high and low of the asset were recorded at $2.23 and $2.7, respectively. Further, XRP Futures Open Interest fell 23% to $3.16 billion, indicating a waning risk-bet appetite of the investors.

It appears that despite XRP whales’ heavy buying, investors grew concerned over the future of the market. Besides, it also comes amid a broader digital assets selloff, with the crypto market facing liquidation of over $1 billion since yesterday.

Why Is Crypto Market Falling?

The current crypto market crash could be due to Trump tariffs going into effect on Mexico and Canada. This event, alongside other macroeconomic woes, has weighed on the investors’ sentiment, causing a massive selloff in the market.

In addition, the impact of the recent announcement from Donald Trump regarding the US Crypto Reserve was also short-lived. While it initially caused a massive spike in prices, some investors might take the opportunity to book profit, triggering the selling pressure in the market.

What’s Next For The Crypto?

The recent decline in XRP could also be attributed to the delay in Ripple Vs SEC case resolution. While Trump’s announcement to add XRP to the US Reserve asset sparked hopes, legal experts have refuted claims of the development’s impact in speeding up the XRP lawsuit resolution.

As the XRP price slipped to the $2.3 level, experts highlighted key support levels for the asset. For context, Rose Premium Signals said that in a bearish case, holding the $2.40 level is key. Breaking below this level could drag down the price to below $2.

Echoing a similar sentiment, EGRAG CRYPTO said that the crypto is likely to retest the $2.3 and $2.2 mark. However, Ripple’s coin holds key support at $2.2, which could help in a strong recovery ahead.

Having said that, the crypto must hold the $2.2 mark to witness a strong recovery ahead. While experts remain optimistic about the long-term trajectory of the coin, some have warned of a potential crash to below $2 if the bears continue to dominate.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.