XRP’s price has remained above $2 for the week, thanks to traders buying up the altcoin during the recent correction. Investors on the Korean exchanges Upbit and Bybit took advantage of the crash, accumulating significantly. In February alone, XRP futures open interest dropped 44%, with a 42% flash crash wiping out a significant portion of the open interest.
Korean traders played a key role in XRP’s swift recovery, with an anonymous market analyst suggesting that they were “aggressively” buying up XRP and BTC while dumping their ETH during the sell-off. The analyst noted that this consistent trading activity over the entire period, not just at specific moments, contributed to XRP’s price resilience.
However, data from CryptoQuant indicates that XRP whales might be selling a part of their bags. Over 15,008 transactions took place in the past day, with whales moving more than 180 million XRP tokens to Binance, marking the largest number of transactions since Jan. 8.
From a technical perspective, XRP continues to move within a descending channel pattern, with resistance at both the 50-day and 100-day EMA levels. The altcoin is set to retest the daily order block, which could be a buyers’ first area of interest. Price reaction will determine whether XRP reverses or continues bearishly, potentially leading to another $2 retest in February.
Source: https://cointelegraph.com/news/traders-aggressively-bought-xrp-after-market-crash-sent-prices-under-2-analyst