XRP struggles to hold key support near $0.23, with traders bracing for another drop after a major wealth transfer signaled potential further selling. The token peaked at $3.84 in January 2018 before s
XRP struggles to hold key support near $0.23, with traders bracing for another drop after a major wealth transfer signaled potential further selling. The token peaked at $3.84 in January 2018 before sliding into a decline that erased over 92% of that value.
Whale Alert flagged a colossal XRP transfer on September 22: nearly 500 million tokens headed to an off-chain wallet. The move did not stay mysterious for long. Chris Larsen, who ran Ripple Labs, confirmed he sent the $115 million in XRP to New York Digital Investments Group (NYDIG), a regulated crypto service provider. Larsen's stake of around 5 billion XRP tokens puts him at the top of crypto wealth lists, and his decision to move such a large position raised immediate questions about the token's future direction.
XRP posted a new top near $0.258 last week as Bitcoin tested the $12,000 level. Heavy selling followed, pressing the market toward a CME gap around $9,700. The broader move dragged altcoins lower, and XRP fell in line. Bears have pushed the price toward its critical support level around $0.23, and holding this floor will determine whether a recovery takes shape.
As of now, XRP trades below $0.24 but found some room in a consolidation zone above $0.238. This buffer may not hold if selling resumes. Bulls need to push back above the 50% Fibonacci retracement at $0.239 to establish any bounce. Above that level, targets sit at the 20-period moving average near $0.246 and the 61.8% Fib level around $0.254, measured from the $0.2547 high to the $0.231 low. A break past $0.254 shifts focus to the psychological $0.26 level, then the 50-period moving average at $0.269, and a potential retest of $0.30 on longer timeframes.
A sustained break below $0.23 poses the real threat. If that support gives way and buyers don't step in, XRP could sink toward $0.20. Such a move would wipe out every gain made since mid-July, when the price surged from $0.19 to a peak of $0.32.
Little decisive action above $0.238 in the past day suggests buyers are content to consolidate their positions before making a new attempt at higher prices. This setup points toward sideways trading in the near term, with neither side gaining the upper hand.
