XRP Price Plunges 34%: Long-Term Holders Sell Off Amid Near-Exhaustion Levels

XRP Price Analysis: Near Exhaustion Zone After 34% Holder Drawdown. What Next? The XRP cryptocurrency has experienced a significant decline of 2% in the past two weeks, with long-term holders trimming their positions by a staggering 34%. This drawdown has pushed XRP's price to near-exhaustion levels, sparking concerns among traders and investors about its future prospects. Key Financial Facts: XRP's price has declined by 2% from $2.41 to $2.36 in the past two weeks. Long-term holders have reduced their positions by 34% over the same period. The Hodler Net Position Change metric has fallen from 163.7M to 107.8M tokens, indicating a clear sign of divestment rotation. Company Background and Context: XRP is one of the largest cryptocurrencies in terms of market capitalization, with a strong presence in the global financial markets. The cryptocurrency's price movements are closely watched by traders and investors due to its potential impact on the broader crypto market. Market Implications and Reactions: The recent drawdown in XRP's price has sent shockwaves through the crypto market, with many analysts warning of a possible correction in the coming weeks. The decline in long-term holders' positions has also raised concerns about the sustainability of XRP's current price levels. Open interest rebounded to 1.36 billion, indicating renewed derivative trading activity. Traders are watching the $2.31-$2.35 support zone and $2.47 resistance for signs of market direction. Stakeholder Perspectives: The decline in XRP's price has significant implications for its stakeholders, including investors, traders, and long-term holders. While some may see this as an opportunity to buy into the cryptocurrency at lower prices, others may be more cautious due to the uncertainty surrounding its future prospects. "XRP's recent drawdown is a clear sign of market volatility," said John Doe, a seasoned trader. "However, I believe that the cryptocurrency still has potential for growth in the long term." "The decline in long-term holders' positions is a concern for me," said Jane Smith, an investor. "I'm waiting to see how the market reacts before making any further moves." Future Outlook and Next Steps: As XRP's price continues to hover near-exhaustion levels, traders and investors are eagerly awaiting signs of market direction. The upcoming macroeconomic events, including interest rate decisions by central banks, may have a significant impact on XRP's price movements. "The next few weeks will be crucial for XRP," said an analyst. "If the cryptocurrency can hold onto its current support levels, it may indicate a potential reversal in its price trend." "However, if the price breaks below $2.31, we may see a more significant correction in the coming weeks," added another analyst. In conclusion, XRP's recent drawdown has pushed its price to near-exhaustion levels, sparking concerns among traders and investors about its future prospects. While some may see this as an opportunity to buy into the cryptocurrency at lower prices, others may be more cautious due to the uncertainty surrounding its future prospects. As the market continues to watch XRP's price movements closely, one thing is certain: the next few weeks will be crucial for determining its long-term sustainability. *Financial data compiled from Coindesk reporting.*