The crypto market has extended its decline, moving lower from recent highs today, with the overall market capitalization hovering around $3.76 trillion.
The fear and greed index hovers around 30 levels, indicating a bearish sentiment in the market.
XRP has declined from around $2.52 to approximately $2.39, showing persistent bearish momentum.
The crypto market is showing consistently lower highs, suggesting increased selling pressure. Overall sentiment appears cautious as buyers struggle to regain control.
At the time of writing, XRP was trading at $2.39, representing a 4.83% decrease.
Source: CoinMarketCap
According to Ali Martinez’s analysis using Glassnode data, XRP’s price structure reveals two key market zones.
The chart is showing a solid support level near $2.10, where many investors accumulated XRP. This concentration signals confidence among holders, suggesting buyers could defend this level if prices drop.
It also highlights growing strength in the lower price range, forming a reliable base for future movements.
The chart is showing another important level around $2.80, acting as a major resistance point.
Many investors who bought near this zone may sell once prices revisit it. This could slow XRP’s upward momentum in the short term.
However, Martinez noted that breaking through $2.80 could mark a strong bullish shift.
Such a move might attract renewed buying interest, setting the stage for a potential rally toward higher price levels.
Whale’s $2.78M XRP short sparks debate over market intentions
According to analyst Steph Is Crypto, a notable XRP whale has just opened a $2.78 million short position at $2.4039.Â
The chart is showing that this trader expects XRP’s price to decline in the short term.
Such a large short position often signals a lack of confidence in immediate bullish momentum.
It may also suggest that the trader anticipates a price correction following XRP’s recent surge.
Source: X
However, this move could also be a strategic setup. Sometimes whales open shorts to trigger minor sell-offs and then buy back at lower prices.
If XRP holds above key support levels, this short could quickly turn risky.
The market’s reaction in the coming hours will reveal whether this is a calculated play or a potential trap for retail traders.