Amid the downtrend in the crypto market, Crypto Whales has bought around 80 million XRP tokens since December 17, the day when the price correction began.
XRP Targets $3 Mark
XRP, the fourth-largest cryptocurrency by market capitalization, experienced major volatility today, plunging as much as 16% during the trading session. The broader crypto market saw accelerated losses on Friday, with it briefly dipping below $2 to hit an intraday low of $1.95. However, Whales are now buying dip.
This comes as cryptocurrencies faced selling pressure due to diminished speculative interest stemming from expectations of tighter U.S. monetary policy. Bitcoin also saw steep declines, reaching a session low of $92,115.
The drop was particularly severe among alternative cryptocurrencies, with the overall crypto market capitalization shrinking by 9.35% in the past 24 hours-marking one of the biggest single-day drops this year.
According to CoinGlass, $1.4 billion in cryptocurrency positions were liquidated during this period. With bullish bets comprising $1.2 billion of the total. It accounted for $42.55 million in liquidation, reflecting its share of the market’s turbulence.
Despite the sharp decline, the cryptocurrency found support at $1.95, rebounding swiftly and recovering past the $2 level within an hour, marking a 4% surge. At the time of publication, the cryptocurrency is trading at around $2.22.
The recovery triggered $2.04 million in short-position liquidations, with XRP longs accounting for $220,400 out of a total $2.26 million liquidated.
The 2% level is seen as a critical support threshold for XRP’s near-term trajectory, with a potential target of $3 if sustained upward momentum continues.
Also Read: Solana, XRP ETFs to Launch After Litecoin & Hedera ETFs, Here’s Why
