Prominent traders are betting on a significant drop in XRP prices amid this recent market downtrend. Despite the recent launch of Canary’s XRP ETF, altcoins continue to struggle. Popular analyst Ali Martinez This suggests that it may soon fall below the psychological level of $2.
Famous trader opens $27 million short position in XRP
in ×poston-chain analytics platform Lookonchain reveals that a well-known trader is shorting the market again and starting trading 20x XRP shortage Worth $27.4 million. The trader also opened short positions of 40x and 10x in Bitcoin and ZEC, worth $148.5 million and $20.4 million, respectively.
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This comes as the XRP price continues to struggle and is at risk of further decline, especially with concerns that Bitcoin is already in a crash. bear market. crypto analyst Ali Martinez also predicted If XRP loses the $2.15 support level, it could fall to $1.73.
Meanwhile, XRP continues to face significant selling pressure despite increasing institutional adoption through service launches. Canary’s XRP Fundmore XRP ETFs will also be launched. santiment data It shows that a whale that held between 1 million and 10 million coins sold almost 200 million coins in the last 48 hours.
This may just be the beginning of another big decline to come. Glassnode recent revelations. The on-chain analytics platform revealed that XRP supply as a percentage of profits fell to 58.5%, the lowest level since November 2024, when the price was trading around $0.53. Furthermore, Glassnode pointed out that even though XRP is currently trading at a four-fold higher price, 41.5% of its supply (approximately 26.5 billion) is in losses, claiming that this is “a sign of a top-tier and structurally weak market.”
Macro structure suggests decline to $2.03
crypto analyst CasiTrades said XRP remains likely to fall to the macro .5 fib support at $2.03. She argued that this move is unfolding perfectly as the second wave is adjusting and that this volatility is exactly how the market should behave. The analyst further Falling to support at $2.03 It has decisively broken through the macro level of $2.41 at 0.382.
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CasiTrades explained that this $2.41 level remains a borderline and as long as XRP remains below that level, the structure points to an eventual rally to $2.03. He also mentioned the possibility of a pullback to the $1.65 level of the 0.618 fib, which is a “still valid” macro target. Analysts pointed out that: Wave 2 fixes It typically reaches .618, and the longer the XRP range goes without breaking resistance, the more likely it is to drop to that level.
CasiTrades said the rally to $1.65 is not bearish as a strong third macro wave builds the momentum needed to push to a new all-time high (ATH). She predicted that XRP could rise up to $10 as the new ATH.
As of this writing, XRP price has fallen over the past 24 hours and is trading at around $2.15. data From CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
