A notable selling pressure on XRP has shaken the market in recent days. Large holders, known as “whales,” have liquidated a massive amount of tokens. Data from the analytics firm Santiment reveals this significant selling activity. This situation has generated considerable volatility in the digital asset’s price.
According to reports, wallets holding between 100 million and 1 billion XRP have sold more than 2.24 billion tokens since October 10. This massive sell-off represents the highest level recorded since December 2022. The coordinated action of these large investors has injected significant supply into the market. Consequently, the upward momentum that XRP was trying to build has been halted.
What Does This Massive Sell-Off Mean for XRP’s Price?
This movement is not an isolated event but a key indicator of market sentiment. Selling by whales often precedes price corrections. This is because the increase in supply outpaces the existing demand. Furthermore, this activity can be interpreted as profit-taking or a lack of short-term confidence. Therefore, retail investors often watch these actions closely to adjust their strategies.
Technical analysis suggests that the current selling pressure on XRP could have direct implications for its valuation. If the selling trend persists, the asset’s price could fall towards the $2.35 support level. A drop below this key level could even lead it to test the $2.27 mark. The economy of crypto assets is very sensitive to these capital movements.
Despite the bearish outlook, there is a possibility of a reversal. If the selling pressure subsides, buyers could regain control. A rally above the $2.54 resistance would invalidate the negative perspective. This move would open the door for new upward momentum. The next target for buyers would be near the $2.64 mark.
The current market situation for XRP is at a critical point. The battle between buyers and sellers will define the price direction in the short term. Investors should monitor the mentioned support and resistance levels. Whale activity will continue to be a determining factor in the asset’s evolution. The market is waiting to see if the bulls can absorb the supply and resume a growth path.
