- XRP currently hovers around $0.50.
- Speculation mounts as crypto enthusiasts debate whether XRP will experience a potential dip to $0.35 or an ascent to $0.60 and beyond.
- Heavy offshore exchange selling pressure drives XRP’s decline, with Upbit and OKX leading the sell-off in August.
After a period of euphoria driven by a landmark legal ruling in July, XRP has been on a rollercoaster ride, leaving investors to wonder whether it will plunge to $0.35 or soar to new heights beyond $0.60.
As XRP hovers around the $0.50 mark, crypto analyst Egrag posted on X (formerly Twitter) the crucial support and resistance levels that traders and investors should closely monitor. If market conditions remain bearish in the coming days, the $0.43 and $0.35 levels are critical points of interest.
These levels could serve as significant milestones, marking a dip or stabilization point for XRP. Conversely, should the tides favor XRP, a move above $0.60 would be pivotal. It could signify a resurgence in bullish sentiment, potentially propelling XRP to reach new heights.
To understand XRP’s recent decline, one must look at the heavy selling pressure originating from offshore exchanges. XRP’s trading volume surged to an impressive $462.8 million in August. Surprisingly, this surge did not translate into a corresponding price increase. Instead, XRP succumbed to substantial selling pressure, initiated mainly by investors on offshore exchanges such as OKX and Upbit.
Upbit and OKX recorded 55% and 54% sell-order shares, respectively. Of note is that Upbit, a South Korea-based exchange, wields significant influence over global XRP trading volume. This data suggests that South Korean investors, who were pivotal in driving XRP’s uptrend in July, have chosen to secure profits and reassess their exposure to the asset.
