- Whale flows show heavy distribution, matching recent XRP price volatility.
- Technical charts reveal resistance near $3.00 and support at $2.80.
- Garlinghouse’s Bank of America hint sparks speculation of deeper ties.
XRP markets are showing signs of caution as large investors adjust positions. Analyst Maartunn shared data from CryptoQuant, which revealed that XRP whales have increased their selling activity.
The chart tracked the 30-day moving average (30DMA) of whale flows on the XRP Ledger (XRPL). Positive whale flow, represented in green, previously aligned with accumulation phases.
In contrast, the latest readings showed negative whale flow, marked in red, signaling distribution. The total whale flow line, displayed in blue, confirmed that large investors have been offloading significant amounts of XRP.
Technical Indicators Around $2.95 Price Level
At the time of reporting, XRP was trading at $2.95, posting a 2.14% daily gain on the 4-hour chart. Bollinger Bands indicated moderate volatility, with the price rebounding from the lower band at $2.82.
Analysts noted that the immediate resistance sits near the midline at $3.00. A decisive breakout above this level could open the path to the upper band close to $3.20.
Momentum readings added to the technical outlook. The Relative Strength Index (RSI) was recorded at 54.29, suggesting neutral conditions with room for upward movement if buying pressure builds.
However, traders cautioned that a failure to hold above $2.90 may trigger fresh bearish pressure, pulling the token back toward the $2.80 support zone.
Garlinghouse Mentions Bank of America
Attention also turned to comments from Ripple CEO Brad Garlinghouse. In a tweet, Garlinghouse stated he was working to finalize a “big Bank of America announcement.”
The post also referenced Taylor Swift’s engagement, shifting part of the discussion, but markets reacted to the banking reference. Analysts suggested the remark could point to deeper ties between Ripple and Bank of America.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
