XRP’s $2.40 support at risk? How Bitcoin’s comeback can shift things

• XRP’s price action remained under pressure, indicating strong sell-side momentum. 
• Will whales step in, or is there more downside ahead?

Ripple [XRP] surged 8% this week, with a 40% jump in daily volume as whales snapped up the $2.40 dip.

The bulls are hungry, but can XRP break through to $3, or is a pullback on the horizon to shake out those weak hands before the real rally begins? 

The next move could be huge – watch closely.

Bitcoin dominance rebounds

Active accounts on the XRP Ledger have dropped a staggering 76% from election levels, when it peaked at 109K.

This sharp decline points to massive profit-taking as weak hands exit the cycle after cashing in on XRP’s rise to $3.40. 

Despite this, XRP’s price chart is showing signs of fresh accumulation at the crucial $2.40 support, with whales snapping up 60 million XRP in just 24 hours.

This could be the early stages of a rally back to $3, much like we’ve seen in previous cycles.

However, the bearish pressure remains strong. Three straight red candlesticks on the 1D chart signal ongoing sell-side pressure, and the drop in active addresses adds to the bearish case.

This shift is also reflected in the XRP/BTC pair, which, after a ten-day rally, is now cooling off. 

The recent 8% surge in XRP seems to be the result of capital flowing out of BTC into altcoins – a classic move as investors rebalance their portfolios.

However, Bitcoin dominance (BTC.D) just surged 1.01%, pushing near 61.20%. With this rise, it looks like Bitcoin might be reclaiming its position as the market’s focal point. 

Is XRP’s support under threat?

Unlike January, when whales aggressively accumulated over $1.5 billion in XRP – driven by wallets holding between 100M to 1B coins – this month has seen a stark contrast, with no “major” accumulation in sight.

These missing big moves create uncertainty and make traders question the market’s direction.

With Bitcoin back in the spotlight, the coming days will be crucial in determining whether investors double down on Ripple or stay on the sidelines.

Retail FOMO is nowhere to be seen, and without whale support, Ripple risks retesting $2.40 – or worse, breaking below it.