XRP has witnessed a significant 22% price drop over the last week, as technical indicators point to a mixture of bearish pressure and signs that hint at a possible stabilization. Despite this, the Relative Strength Index (RSI) remains neutral, showing no strong bias after a rapid rebound from oversold levels earlier this month. The number of XRP whales has also steadied following a brief surge, indicating a period of consolidation in the market.
On the other hand, XRP's Exponential Moving Averages (EMAs) have formed a bearish death cross, indicating that downside risks persist unless a reversal occurs. In a broader market context, XRP exchange-traded funds (ETFs) are now seeking approval from the SEC after Cboe's 19b-4 filing, which could have a significant impact on shaping future price movements.
The RSI for XRP has maintained a neutral stance since February 3, with a recent uptick from 35.2 to 44.6 suggesting a shift in momentum and growing buying interest. While XRP remains within a neutral range, this increase reflects a reduction in selling pressure and hints at potential price stabilization.
The number of XRP whales, defined as addresses holding between 1,000,000 and 10,000,000 XRP, currently stands at 2,130. This figure witnessed a surge from 2,081 to 2,136 before slowly declining over the past few days. Monitoring whale activity is crucial as these large holders can influence market trends due to their substantial XRP holdings.
XRP's price prediction remains uncertain, with short-term EMAs below long-term EMAs signaling a bearish trend and a recent 22% price decline. Key support levels to watch are at $2.32, with further potential downside towards $2.20 and $1.99 if selling pressure increases. However, a trend reversal could shift momentum in favor of XRP, with the first resistance level at $2.60 and subsequent targets at $2.82 and potentially above $3.
If XRP's price gains bullish momentum, potentially driven by SEC approval of the XRP ETF, it could surge towards $3.15, indicating confidence in its upward trend. The market is poised for potential shifts based on whale activity, technical indicators, and regulatory developments.