XRP Plunges After Whales' Feast ...Soars 70% Then Falls 8%

▲ XRP

Two days before XRP surged by 70%, 85 large wallets increased, but the upward trend was halted after the US regulatory bill failed to pass the Senate.

According to crypto media outlet CryptoPotato on September 17 (local time), on-chain analytics firm Santiment reported that 85 wallets holding more than 1 million XRP increased before the surge from August 17-21. The outlet explained that large wallets can absorb sell-offs, strengthen buying pressure, and move liquidity faster than individual investors. There have also been instances where changes in wallet count preceded sharp XRP price movements.

However, after the US cryptocurrency market structure bill failed to pass the Senate, XRP fell by more than 8% in a single day. Crypto analyst Diana diagnosed that the possibility of further decline increased as the $1.34 support level broke. The previous upward trend targeting $1.7-$1.78 has also weakened, according to analysis.

Diana presented $1.24-$1.26 as a key defense line. If that range breaks, $1.14-$1.1 will be the next support zone, and if even $1.1 is breached, $1 could be tested. However, as the 1-hour Relative Strength Index (RSI) is close to 21, the possibility of a short-term rebound due to deep overselling was also mentioned.

Institutional fund inflows continued. The US XRP spot ETF's August fund inflow, as reported by the media, exceeded $43 million.

[Article Key Summary]

-A 70% surge occurred after 85 wallets holding more than 1 million XRP increased.

-After the bill's failure, it fell by more than 8%, breaking key support levels.

-The August fund inflow for the US XRP spot ETF exceeded $43 million.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*