XRP trades under $ 3 After repeated rejections Above $ 2.8 in the last 24 hours. A new graph analysis from Crypto Madwhale shows the pressure structure in a falling channel that can push the XRP price up to $ 2.4. What is striking in his analysis, however Not just the price target; It is the bigger question whether XRP starts Act like a meme coin This is controlled by Crowd Psychology and Whale activity.
XRP’s psychological cycle that looks like meme coins
In his analysis, which was placed on the TradingView platform, crypto analyst MADWHALE sketched the repeating psychological cycle that often dominates meme coin markets and suggested that XRP might not be immune to it.
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The cycle starts with worse, where buzz on social media generates hype, followed by greed as traders without much thought coming in. This phase then shifts to social evidence, when influencers strengthen the Golden Opportunity story to withdraw new investors at peak prices. At the moment it is that whales quietly start loading their positions and ensuring that the Meme Munt introduces a sharp correction. The result is Panic by small traders, Culminating in a capitulation where whales buy back cheaply, restart the cycle.
According to Madwhale, this trend is not only limited to coins alone, but the current trade behavior of XRP shows signs of fitting the same mold. Madwhale described whales such as ‘Masters of Illusion’, able to buy large chunks to pump the price, spread optimism and then sell it in the frenzy.
This strategy begins to create a cycle of retail anxiety and greed in XRP, where smaller traders are often left behind, while whales enter the market against bargain prices. He noted that technical aids such as volume profile, RSI, and the fear and greed index can uncover these plays. For example, heavy volume of accumulation at specific levels in combination with overbought RSI measurements and extremely greedsentiment show the perfect moment when whales start selling.
Descending channel points to $ 2.40 target
According to Madwhale’s graph, XRP acts in a well -defined decreasing channel that has formed its price action Since July 19. The repeated rejections around the $ 3 price zone have caused lower highlights that have made it increasingly difficult for bulls to set up a long -term outbreak. The most recent rejection was $ 3, and The subsequent sales pressure has ensured that XRP has made consecutive 12-hour Bearish candlesticks.
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The projection of the analyst on the graph shows a possible decrease of 14% for another major support that is about $ 2.40. This zone has been identified as the most important daily support area and achieving it would mark the latest phase of the corrective movement of XRP in the channel. On the other hand, all rebound attempts should first erase the $ 3 resistance.
At the time of writing, XRP acts at $ 2.80, an increase of 1.4% in the last 24 hours.
Featured image of Getty Images, Chart van TradingView.com