XRP Selloff: Whales Dump $1 Billion Worth of Coins in a Week

In recent days, data indicates that XRP whales have offloaded a substantial amount of their holdings, reflecting a possible downward trend in sentiment among major investors.

Key Takeaways

XRP whales have sold 510 million tokens, valued at over $2 billion, in the past week.
The ongoing selloff has contributed to a bearish price trend for XRP.
Technical analysis suggests a potential 16% price movement for XRP as it consolidates in a Symmetrical Triangle pattern.
Current XRP price rebounded to $2.09 after testing the $2.00 level.

XRP Whales

XRP Whales Shed 510 Million Tokens

Analyst Ali Martinez recently highlighted on social media how XRP whales have been actively selling their holdings. A “whale” is usually defined as an XRP holder with between 1 million and 10 million tokens, representing a significant financial stake—valued between $2 million and $20 million at current cryptocurrency prices.

These large investors, often referred to as “big-money hands,” can greatly influence market trends. According to a chart from the on-chain analytics firm Santiment, the supply held by XRP whales has declined over recent months.

XRP Whales Supply

The graph indicates a continued downtrend in whale supply since mid-November, showing that major holders have been distributing their assets. In the past week alone, this group collectively sold 510 million XRP coins, which is valued at more than $2 billion based on the latest market price.

Simultaneously, XRP's market price has also trended downwards, which suggests whales may be contributing to the asset's bearish momentum. As these large entities continue to sell without signs of stopping, further declines in XRP's value might be anticipated. The future behavior of these whales will be crucial in determining the coin's trajectory in the coming days.

Technical Analysis: Potential Price Movement

In other developments, XRP may be poised for a potential 16% price movement, as highlighted by Analyst Martinez in another post.

XRP Technical Analysis

Recent technical analysis indicates that XRP has been trading in a Symmetrical Triangle consolidation pattern on the 1-hour chart since November. This type of pattern features two converging trendlines that may lead to a volatility breakout.

Currently, XRP is in the latter half of this channel, suggesting that the price may soon face more frequent retests of both support and resistance levels. According to the height of the triangle, a breakout could lead to a significant price movement of up to 16%. The direction of this breakout remains uncertain, raising questions about which way the price will go as the patterns evolve.

Current XRP Price

XRP has shown signs of recovery after testing the $2.00 mark; presently, its price stands at $2.09.

XRP Price Chart

This resurgence in price follows a recent retest, indicating some level of market stabilization, yet the overall sentiment continues to hinge on the actions of the whales and market conditions.

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