XRP Profit-Taking Divergence Signals More Pain Ahead for Ripple’s Price
Ripple’s XRP experienced a modest revival last week, but its momentum was halted at $2.40, and the asset now struggles below $2.30.
What’s more worrying about its potential in the following weeks is the behavior of whales and long-term holders, as the latter cohort of investors has been showing a rather different approach than in previous cycles.
Glassnode has repeatedly indicated that XRP holders used to realize profits during rallies in the past, such as the run to the new all-time high in July this year or the surge to $3.40 in January.
However, they have changed their tune now, and they have been disposing of substantial portions of their token holdings as the asset’s price has been on an evident decline since late September.
This aligns with other reports informing that whales are selling en masse. The latest one came yesterday, which showed that 500,000 tokens had been offloaded in the span of just 48 hours.
The timing now is quite intriguing and perhaps unexpected because of the developments on the ETF front. According to the latest news on the matter, numerous companies have updated their S-1 filings with the US SEC to remove “delayment amendments.”
This change allows the ETF in question to launch directly after a 20-day period, unless the Commission objects. The first such product that has a chance is Canary Capital’s application, which could see the light of day as early as this week (November 13).
Consequently, the behavior of whales and long-term holders could be a classic “buy-the-rumor, sell-the-news” approach, in which they expect XRP’s price to dump after the ETFs finally launch.
The post XRP Profit-Taking Divergence Signals More Pain Ahead for Ripple’s Price appeared first on CryptoPotato.
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