XRP whales have executed a historic massive sell-off in November, dumping a record volume of tokens that halted the rally. According to on-chain data from analytics firm Santiment, this strategic distribution has generated strong immediate bearish pressure in the market, counteracting the previous bullish momentum.
During the last month, wallets holding between 1 million and 10 million units collectively liquidated over 2.2 billion XRP. This massive movement, valued at approximately 4.11 billion dollars, marks the largest monthly sale recorded since March 2023. Consequently, the accumulated reserves of these large holders fell to 32-month lows, evidencing a clear intention to drastically reduce exposure to the digital asset.
Can the market absorb this historic selling pressure without collapsing?
This bearish scenario contrasts notably with the recent launch of spot XRP ETFs, an event that initially sparked positive expectations. However, the NUPL indicator fell below the 0.25 threshold, placing the market in the “Fear” zone according to Glassnode metrics. This indicates that, despite advances in financial products, investors prefer to secure profits rather than bet on a sustained recovery.
The current trading price hovers around 2.20 dollars, remaining trapped in a sideways range under the strict resistance of 2.28 dollars. If buyers fail to defend the vital support of 2.14 dollars, the cryptocurrency could descend rapidly towards 2.00 dollars. On the other hand, overcoming the upper barrier would open the path towards 2.36 dollars, invalidating the current negative outlook and attracting buying interest once again.
The direction the market takes in the coming days will be decisive in defining whether a final capitulation or a rebound occurs. As the token’s economy attempts to stabilize following the institutional dump, caution remains the norm among retail traders. Thus, the ability to maintain support levels will define the year-end trend.
