XRP Faces Severe Selling Pressure After Recent Surge to $0.65 Level

• At the time of writing, XRP is trading at $0.6218, down 3.85% in the last 24 hours.
• If price manages to go below $0.61 then it will likely fall further to test $0.60 support level.

XRP is now witnessing a surge in market activity due to large-scale whale transactions. 20 million XRP tokens, worth $12.6 million, were sent to Bybit by an unidentified sender.

But that wasn’t the end of this whale’s play. Two further substantial transactions took place within a 12-hour timeframe.  In the first, a large amount of 24.9 million XRP tokens, valued at $15.3 million, were transferred from an anonymous wallet to Bitstamp.

This was followed by another significant transaction involving the transfer of 25.2 million XRP from an anonymous wallet to Bitso, worth around $15.54 million.

The price of XRP has been witnessing a severe sell off recently. Despite this tendency, a number of crypto experts continue to predict that Ripple’s native cryptocurrency would rise in the near future.

Bears in Control

At the time of writing, XRP is trading at $0.6218, down 3.85% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 2.11%. The price spiked all the way to $0.65 level recently, but failed to clear above and faced severe selling pressure.

Source: CoinMarketCap

If the price manages to go past $0.63 level, then it will likely surge to test $0.65 resistance level. Breaking above this level, will likely see price starting a fresh rally all the way till $0.67 level.

On the other hand, if price manages to go below $0.61 then it will likely fall further to test $0.60 support level. Further decline will likely result in price testing $0.59 level.