280,000,000 XRP Sold by Whales in a Week: What’s Next for Ripple’s Price?

Ripple’s XRP is trading near the $2.05 mark after large-scale whale activity raised questions about future price direction. The token saw short-term price pressure following a week where major holders reportedly sold hundreds of millions of XRP.

Whale Activity Drives Pressure

According to analyst Ali Martinez, whales offloaded 280 million tokens in the past week alone. The chart shows that wallets holding between 1 million and 10 million XRP have been consistently reducing their balances since late September.

As these holdings fell, XRP’s price followed a similar path, sliding from over $3 to just above $2. A report from CryptoPotato also noted that more than 500 million XRP worth over $1 billion was sold by large holders during the same period. At the same time, exchange supply dropped to 2.6 billion tokens, with 1.35 billion tokens withdrawn over two months.

In addition, withdrawals from Upbit, South Korea’s leading crypto exchange, are rising for the first time since 2023. CW stated,

XRP Holds Key Support

XRP is hovering around the $2 support level. CryptoWZRD commented that the asset has yet to break down, and holding above $2.1 could trigger the next move higher.

Ripple’s token traded between $1.99 and $2.05 over the past 24 hours, showing low volatility. This tight range could widen if volume increases near resistance or support levels.

Looking back at historical patterns, a chart from ChartNerd compares the current XRP structure to a similar move seen in 2017. In both cases, it completed an ABC correction and bounced from a Fibonacci demand zone. In 2017, that led to a breakout. If this structure plays out again, the chart points to a potential target near $28.

Developments in ETFs and DeFi

Outside of price, XRP continues to see growing infrastructure. 21Shares’ proposed spot XRP ETF is nearing approval. The Cboe BZX Exchange has certified its listing. The ETF, called TOXR, would be the fifth spot XRP product available in the US. The funds have seen 19 consecutive days of inflows.

Separately, Hex Trust is launching wrapped XRP (wXRP), which will allow the token to be used across DeFi platforms and blockchains. wXRP will enable trading without third-party bridges, expanding the token’s reach beyond its native network.

The post 280,000,000 XRP Sold by Whales in a Week: What’s Next for Ripple’s Price? appeared first on CryptoPotato.