XRP recently achieved a significant milestone, pushing its market capitalization to $1644.7 billion, becoming the third largest cryptocurrency in the world and surpassing Tether (USDT).
Prices are rising sharply in Altcoin, and notable gatherings are making prices higher. However, as XRP rises, the likelihood of commercial employment increases, as observed in the last 24 hours.
XRP holders secure profits
XRP’s profit supply has recently exceeded the 95% threshold. This is an important level that is often considered the top signal in the market. When supply exceeds this level, a price reversal usually occurs.
However, XRP has consistently reached this area for the past year, able to maintain prices and moved sideways with occasional corrections. This historic action suggests that the current rise could face resistance, but it does not necessarily lead to a dramatic reversal.
However, the overall macro momentum in XRP raises concerns. Over 140 million XRPs worth more than $387 million have been sold to the exchange in the last 24 hours alone.
This big sale shows a lack of convictions among investors as it appears that many people are booking profits.
With investors securing profits, if such a large amount of XRP enters the exchange, market sentiment can weaken. This is typical for bull markets, but the size of sales over the past 24 hours can lead to pullbacks, which can negatively affect XRP prices in the short term.
XRP prices can face some issues
XRP prices rose 9% in the last 24 hours and peaked at 16% in the mid-day highs. Despite this powerful performance, the XRP missed out on hitting the $3.00 mark for a one-inch hit. The rally has attracted a lot of attention, but prices face challenges as they approach major resistance levels.
The XRP trades at $2.78, and given the factors mentioned above, you could be struggling to reach $3.00. If sales pressure gets stronger, if it falls below $2.65, it could drop to another $2.35.
This could lead to a wider market correction, sweeping out recent profits and hindering further price growth.
However, if the broader market situation remains bullish and whales intervene to absorb sales supplies, XRP could be pushed up to $3.00. Breaking this important resistance could mark a height of five months and pave the way for further profits.
The ability to break through this level depends on ongoing investor trust and market stability.
Since XRP, it has surpassed the USDT market capitalization, but price concerns remain. This is why it first appeared in Beincrypto.
