XRP Price Drops Below $3 Amid Market Sell-Off
Ripple’s XRP price fell to $2.85 on Monday, down over 3%. It failed to stay above the $3.00 mark. Investors sold XRP due to fears of further losses. The broader crypto market saw $1.7 billion in liquidations in 24 hours, with XRP accounting for $74 million. Low network activity and cautious large holders suggest more declines may come.
Whales Reduce XRP Holdings in September
Big XRP holders have sold part of their tokens this month. Wallets holding 1 million to 10 million XRP cut their share from 10.75% to 10.48% of total supply since September 1. Those with 100 million to 1 billion XRP dropped from 14.38% to 13.88%. Although these drops seem small, they represent large amounts due to XRP’s 99 billion total supply.
Active XRP addresses also fell sharply to about 31,000 on Monday. This is much lower than the 581,000 peak in June. Higher active addresses usually mean more demand and price gains. The low activity now makes it harder for XRP to rise above $3.00.
Technical Outlook: Key Support Levels to Watch
XRP is trading between two important levels. The 100-day Exponential Moving Average (EMA) at $2.83 acts as support. The 50-day EMA at $2.95 is resistance. The Relative Strength Index (RSI) dropped from 61 to 44, showing weaker momentum. The MACD indicator also signals a sell, as its blue line crossed below the red line.
If XRP falls below the 100-day EMA, the next support levels are $2.70 and the 200-day EMA at $2.59. However, a bounce back above $3.00 is possible if buyers step in to buy the dip.
