Ripple (XRP) $1.32 Battle…Whale Exchange Deposits Increase, Testing $1.30 Support Level

XRP(XRP) ©CoinReaders

Ripple (XRP) moved in a narrow range for 24 hours, remaining at the $1.32 level. With an increase in whale deposits to exchanges, the failure to break through the $1.37-$1.40 resistance level suppressed its upward movement. The market warns that if the $1.30 support level breaks, it could fall further to $1.25.

According to CoinMarketCap, a cryptocurrency market data aggregator, on October 23 (KST), Ripple traded at $1.32, down 0.50% over the past 24 hours. Its market capitalization rank is 5th, and its fluctuation range was less than 1%, indicating a stable trend. On Upbit, a domestic exchange, it traded at 1,759 KRW (24 hours +0.40%). According to CoinMarketCap AI analysis, Bitcoin (BTC) fell by 1.27%, and the total cryptocurrency market cap fell by 1.06%, indicating an overall bearish market.

The increase in whale deposits to exchanges is intensifying selling pressure. According to an analysis by CryptoQuant analyst Darkfrost, whale deposits into Binance in October averaged $112.4 million, reaching a 7-month high. It is analyzed that large holders are taking profits from Ripple, which has rebounded more than 30% since August. Exchange deposits often precede selling, which can put downward pressure on the price in the short term. The analysis suggests that a continued decrease in exchange holdings would be a signal of easing selling pressure.

Being blocked by technical resistance also reduced upward momentum. Ripple's upward movement was capped in the $1.37-$1.40 range, which is where the 50-day and 200-day Exponential Moving Averages (EMA) pass. This confirmed a selling dominance. In a situation where the overall market is falling, a distinct upward catalyst for Ripple was also lacking, leading the price to follow market trends.

In the short term, the key variable is whether the $1.30 support level holds. If this price level is defended, there is a possibility of a rebound attempt to around $1.37 and sideways movement. Conversely, if $1.30 breaks on a daily closing basis, there is a risk of further decline to the next major support level of $1.25. As a bearish trend is dominant below $1.33, Ripple needs to recover $1.33 on a daily closing basis to switch to an uptrend.

Over the next 24-48 hours, the defense of the $1.30 support level and the inflow of new buying pressure are expected to determine the short-term direction. The delayed fixCleanup3_4_0 amendment for the XRP Ledger (XRPL) is expected to activate on November 4th, and the market is watching this as a variable for a sentiment shift.

*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.*