XRP trads below USD 3 After repeated rejection above USD 2.8 in the last 24 hours. The fresh analysis of charts from Crypto Madwhale shows the pressure building in a decreasing system, which can reduce the price of XRP to USD 2.4. However, what stands out in its analysis Not only the target price; This is a bigger question whether XRP begins behave like a meme coin It is controlled by crowd psychology and whale activity.
XRP psychological cycle, which resembles meme coins
In its analysis, which was published on the TradingView platform, the analyst Crypto Madwhale presented a repeated psychological cycle, which often dominates in my markets and suggested that XRP may not be resistant to it.
The cycle begins with excitement, in which noise in social media generates noise, and then greed when traders fall without much thinking. This stage then passes to social proof, when the influence strengthens the narrative of Golden Opportunit to attract fresh investors at peak prices. At this point, the whales begin to unload their positions quietly and cause that the meme coin will enter into a pointed correction. The result is Panic sales by miniature traders, The culmination of surrender, in which whales put off cheaply, re -activating the cycle.
According to Madwhale, this trend is not constrained to meme coins themselves, but the current commercial behavior of XRP shows signs of matching the same form. Madwhale described whales as “Masters of Illusion”, capable of buying gigantic pieces to pump the price, optimism, and then sell madness.
This strategy begins to create a cycle of retail fear and greed in XRP, in which smaller traders often remain in maintaining losses, while whales again enter the market at bargain prices. He noticed that technical tools such as the volume profile, RSI and index of fear and greed can reveal these pieces. For example, the accumulation of weighty volume at certain levels in combination with the RSI readings purchased and the extreme moods of greed show the perfect moment when the whales begin to sell.
Descending channel points to $ 2.40
According to the Madwhale chart, XRP trades in a well -defined decreasing channel He shaped his price campaign From July 19. Repeated rejection around the $ 3 price zone caused lower ups, which made it complex for a lasting breakthrough to maintain a lasting breakthrough. The last rejection was 3 USD and resulting from sales pressure It caused XRP to create another 12-hour candlesticks.
The analyst projection on the chart shows a possible 14% decrease in another essential support, which rests at around USD 2.40. This zone has been identified as the main daily support area, and achieving it would mean the latest stage of XRP corrective movement inside the channel. On the other hand, all attempts to reflect would first require cleaning resistance of USD 3.
At the time of writing, XRP trades $ 2.80, which is an enhance of 1.4% in the last 24 hours.
A distinguished picture from Getty Images, chart from TradingView.com
