- XRP faced strong seller pressure but saw a sharp rebound, rejecting bearish control.
- Analysts suggest bulls could dominate if key resistance levels break.
- As some call for a $71K bottom for Bitcoin, XRP could breach the $2 mark.
The price action of XRP has caught market attention after a significant sell-off was met with strong buyer support at a historically relevant level. Analyst Javon Marks highlighted that sellers faced rejection at a key level last seen in 2017-2018.
Despite the initial decline, buyers stepped in aggressively, pushing the price back above $2.3. This indicates bulls could be preparing to take control in spite of recent market fluctuations.
XRP Price Faces Resistance at $2.50, Drops to $2.06
However, after attempting to break the $2.50 resistance, XRP faced renewed selling pressure. The price fell below $2.35 and $2.25, reaching a low of $2.06 before recovering. XRP now trades at $2.23, a 2.4% drop in the past day.
To give some perspective, the $2.06 low XRP touched on Tuesday was not its lowest point this month. On February 3, XRP dipped to $1.7 during the massive bearish pressure at the time. Even so, in the most recent downturn this week, the asset shows remarkable resilience, avoiding lower lows by maintaining its price in the $2 range.
Marks stated that even with recent volatility, the rejection of lower prices indicates bullish momentum. If XRP could gain support above $2.40, it could target the $3.00-$4.00 range in the near term.
Whale Selling Adds to XRP Market Instability
XRP’s recovery has been met with challenges. The broader cryptocurrency market remains highly volatile, impacted by global macroeconomic factors such as liquidity setbacks and upcoming US tariffs. These external pressures have intensified market uncertainty, affecting investor sentiment.
Related: XRP Price Breakout? Analyst Pinpoints Level for Potential Rally
Adding to this instability, XRP whales triggered a significant disruption by starting a massive selling spree.. According to crypto analyst Ali Martinez, whales offloaded 370 million XRP in less than a week, contributing to XRP’s price drop.
Key XRP Levels to Watch for Bullish Reversal
For XRP to sustain bullish momentum, traders are watching key resistance levels. If XRP manages to clear $2.40, it could attempt another rally toward $2.8, where it previously lost momentum this month.
Related: XRP Price Prediction February 26: Can It Hold Above $2.25 or Face a Bearish Reversal?
Meanwhile, with Bitcoin’s ongoing instability, with some calling for $71K lows, XRP could breach the $2 mark.
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