The Ripple (XRP) price is trying to hold on to $ 2.30 with the effect of US-Canada trade tensions. The XRP, which lost more than 25 %in the last three days, gives signals of recovery with the interest of whales. So, can the XRP price reach $ 3.00 this week?
Trump Decisions and XRP Price Resistance
Former US President Donald Trump’s new tariffs for Canada caused uneasiness in global markets. These developments suppressed the price of Ripple (XRP). The XRP closed the week, which was opened for $ 3.10 on January 29th, to $ 2.60.
This geopolitical uncertainty directed investors to safe ports. While gold gained value, Bitcoin (BTC) fell to $ 94,000. However, the XRP remained more resistant than other large subcoins. Altcoins such as water and Polkadot lost more than 15 %, while the XRP was relatively less damaged by a decrease of 10 %. This indicates that strategic investors can make purchases at these prices.
490 million XRP output in Binance: What does it mean?
While the price of the XRP is under pressure, the over -chain data can draw a positive table. Total XRP reserves on Binance fell from 3.04 billion XRP to 2.55 billion XRP on 2 February on January 16th. This means that 490 million XRP is withdrawn from the stock market in just two weeks. This output may indicate that long -term investors and whales carry XRP to cold wallets. This data is especially important in understanding the investor sensitivity, especially since Binance processes 40 %of the global crypto market.
In addition, corporate investors may accumulate XRP while waiting for clarity about ETFs. During this period, the withdrawal of 490 million XRP, approximately 1.3 billion dollars, can serve as a buffer that can protect the XRP price from further decrease. If the market conditions heal, the XRP may attach to $ 2.30.
Estimation for XRP price: Is there an increase towards $ 3?
The preservation of XRP’s $ 2.30 support may increase the confidence of investors and trigger a movement towards $ 3.00. According to Elliott wave theory, the XRP completed its fifth wave and started the correction movement. Fibonacci correction levels show that there is a strong support point for $ 2,5990.
The MACD indicator draws a more cautious picture. If the sales pressure continues, XRP can be withdrawn to $ 2.15. However, if the recipients come into play and the red rods in the MACD histogram are reduced, a relief rally may begin for XRP. XRP’s performance this week will be critical for the future of the market!
