Should the purchase of XRP at $2.8 be considered, despite the ongoing pressure from institutions?

In the past 4 hours, an interesting dynamic has emerged in the XRP market. Whales, known for their significant influence, exited with 84,667 XRP, but this was partially offset by dolphins entering with 41,759 XRP.

The order book shows a moderately bullish imbalance, with a significant number of buy orders at $2.80 and sell walls at $2.84 and $3.00. However, the current 15-minute, 1-hour, and 4-hour trends are all range-bound, indicating a lack of clear direction. The current 4-hour trend, in particular, exhibits weak bearish momentum.

The past 24 hours have seen a massive sell-off of 171,563 XRP by whales. The largest exit was a single transaction of 101,228 XRP. Despite this, a recent positive entry of 20,563 XRP by whales in the last hour suggests that not all institutions are bearish on XRP.

XRP is currently trading at $2.82, showing a performance increase of 0.94%. The trading volume of XRP is 89 million USDT, and it is ranked 5th in trading volume on Bitget.

The technical profile of XRP reflects the current market uncertainty about the short-term direction. The price stability of XRP contrasts with the negative institutional flows, requiring a cautious approach for new XRP investors.

The immediate support level is at $2.77, and the defensive support level is recommended at $2.72, a potential buy zone. Target 1 is set at $2.84 (+3.5% from $2.77), and Target 2 is at $2.91 (+6.5% potential).

A major resistance level is at $2.84-2.86, a significant sell wall. The current daily trend is a strong bearish trend with decreasing volume.

It is important to note that the institution behind the extensive sales of XRP is Ripple Labs, the company that developed XRP and is known to hold large reserves of the cryptocurrency, which it sells or distributes to fund operations and partnerships.

The buy/sell ratio for XRP stands at 47.7%. This news update provides a snapshot of the current state of the XRP market, but as always, investors are advised to conduct their own research and consider their risk tolerance before making investment decisions.

Should the purchase of XRP at $2.8 be considered, despite the ongoing pressure from institutions?