XRP Drops Below $3 As Whales Dump Heavily

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XRP unexpectedly lost 6% during the trading session on Tuesday, as large investors collectively reduced their positions to take profit in the high profit zone. Notably, this move came just hours before the important speech of the Chairman of the Federal Reserve America (Fed) Jerome Powell at the Jackson Hole conference. XRP Whale Dumps 460 Million Tokens, Waiting for Signals from Powell XRP extended its decline on Wednesday, losing an additional 6% as investors remained cautious ahead of Federal Reserve Chair Jerome Powell's speech on Friday. In just 6 days, this cryptocurrency has evaporated a total of 13%. Notably, the wallet group holding between 10 to 100 million XRP has sold a net of about 460 million tokens in just one week. In contrast, the "small whales" holding between 1 to 10 million XRP have taken the opportunity to accumulate an additional 130 million tokens. This development reflects a divide in the expectations of large investors. History has shown that the price of XRP often follows the footsteps of key "whales."

However, the majority of investors are still in a state of "sitting on profits". More than 93% of the circulating XRP is currently profitable compared to the purchase price since mid-July, with an average return on investment consistently maintained above 90%. In fact, since the strong breakout in November last year – after President Trump's election victory – the profit margin for XRP investors has never fallen below 80%.

Part of the price increase motivation also comes from Ripple officially closing the legal battle that lasted more than 4 years with the America SEC (, along with positive legal support from the Trump administration. However, when favorable legal factors have been reflected in prices and investors' profits are anchored at high levels for too long, the market risks witnessing a strong take profit wave if a price drop shock occurs. At this point, all eyes are on Powell's speech at Jackson Hole, an event that could become the catalyst determining how the group of investors who are "making a big profit" will act in the upcoming sessions. XRP Lost the 50-Day SMA, Heading Towards the Support Zone 2.78 USD In the past 24 hours, XRP has continuously broken through many important support levels, including the lower edge of the symmetrical triangle pattern, the 2.95 USD threshold, and the 50-day simple moving average )SMA(. If it cannot quickly regain the 50 SMA, this coin may slide back to the support zone near 2.78 USD. In a more negative scenario, the 2.6 USD mark is seen as the "last cushion" to limit the decline.

The technical indicators are currently leaning towards a bearish trend. The Relative Strength Index )RSI( has dropped below the neutral zone, indicating that the bears are in control. Meanwhile, the Stochastic Oscillator has fallen into the oversold zone, reflecting that the downward pressure is still strong, but at the same time opens the possibility of a technical rebound in the short term.

XRP-4.17%
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