- Ripple whale moves 200M XRP to Binance, triggering price dip to $1.61 and market caution.
- Analysts eye $1.55 Fibonacci support as a potential reversal zone amid bearish momentum.
- NYSE Arca approves 2X XRP ETF, but whale activity keeps traders focused on short-term pressure.
A massive XRP transfer has triggered renewed concern in the crypto market. A major Ripple whale transferred 200 million XRP worth approximately $355.6 million from an anonymous wallet to Binance. The transfer happened simultaneously with XRP’s price dropping to $1.61 which led investors to worry about additional market pressure.
Whale Moves 200 Million XRP to Binance as Price Drops to $1.61
This whale activity, confirmed by the blockchain monitoring service Whale Alert, often signals imminent trading that can pressure prices. Following the transaction, traders have grown cautious, with XRP hovering around a key support area. Meanwhile, crypto analyst Ali Charts has predicted that the XRP price is breaking out of a head-and-shoulders pattern, setting the stage for a potential move to $1.30.
Despite the negative sentiment, the market also responded to a development from traditional finance. NYSE Arca approved the listing and registration of Teucrium’s 2X Long Daily XRP ETF. While the news could suggest institutional confidence, immediate market reactions remained focused on the whale-driven volatility.
Analysts Monitor Support at $1.55 as Technical Patterns Unfold
The $1.55 level attracts attention from traders because it matches the Fibonacci retracement level of 0.618. According to analyst Casi Trades, this support could serve as a potential reversal point. The previous $1.90 support, which now acts as resistance, broke during the downturn, intensifying the bearish pressure.
Casi noted that the Relative Strength Index (RSI) dropped to new lows during this pullback. A confirmed bottom at $1.55 could help reinforce the bullish case for longer-term targets. CredibleCrypto highlighted the demand zone between $1.61 and $1.79 as a critical area. A stable base within this zone may pave the way for a rebound.
Analyst Egrag pointed to a possible double-bottom or inverse head-and-shoulders pattern forming. If confirmed, this structure may support a bullish reversal from current levels. This setup remains within the active demand zone, offering potential long opportunities if prices stabilize.
Post the Ripple whale action, analysts on social media have shared differing views on this development. Dark Defender commented, “There is no change in our XRP Monthly Frame. $1.8815 is holding firm.”
Market Structure Suggests Possibility of Recovery if Key Levels Hold
XRP’s current movement is being interpreted through the lens of Elliott Wave analysis. Some analysts believe XRP may be concluding Wave 2, which could precede a strong Wave 3. Historically, Wave 3 represents a significant upward price movement.
Resistance levels at $1.97 and $2.17 are being watched closely. A breakout above these levels might indicate renewed bullish momentum. Conversely, a failure to sustain above $1.61 could bring deeper corrections into focus. Analysts believe holding $1.55 is essential for maintaining the broader bullish outlook.
Historical data from previous cycles shows that XRP has previously dropped near the 200-day moving average before large upward moves. In past examples from 2017 and 2021, such drops led to gains exceeding 1000 percent. Analysts continue to monitor whether similar trends could develop again.
