Key Insights:
- Whale wallets sold 70 million XRP while the price hit $2.54, triggering investor caution and speculation.
- Over 2.7 billion XRP sold this month signals sustained whale exits despite short-lived accumulation.
- XRP holds $2.50 level as whale selling continues, leaving the market unsure of the next price direction.
Large XRP holders sold 70 million tokens within 48 hours, raising concerns about future price action. Wallets holding between 100,000 and 10 million XRP were responsible for the sales, according to on-chain data from Santiment shared by market analyst Ali Martinez.
This activity occurred during a period of rising prices. XRP moved from around $2.30 to $2.54, marking a 4% gain in 24 hours. The selling came shortly after whales had accumulated 30 million XRP, suggesting mixed signals from major holders.
As Martinez noted,
Distribution Trend Continues Through October
The recent 70 million XRP sale appears to be part of a broader pattern. Since the start of October, large holders have sold over 2.7 billion XRP. This includes 440 million XRP offloaded by October 8 and dumped another 2.23 billion XRP sold by October 14.
The data shows that the same wallets that sold this week have been reducing their XRP balances gradually since mid-September. While there was a short accumulation phase earlier this week, it was quickly followed by heavier selling.
Martinez stated.
The shift in holdings from accumulation to distribution may suggest caution among large holders, although the exact reasons remain uncertain.
XRP Price Rises Despite Whale Selling
Despite heavy selling, XRP’s price has remained relatively stable. After falling to $2.30 earlier in the week, the token gained 4% to reach a weekly high of $2.54. As of today, it is trading near $2.50.
This price action shows mild resilience, but the trend throughout October has been downward. On October 8, XRP closed near $2.85. By October 14, it had dropped to $2.45. The gradual decline points to weak momentum, possibly driven by continued whale distribution.
Some traders may view the price stability as a sign of strength, but consistent outflows from large wallets could keep pressure on the market. “When large holders exit, it’s often seen as a warning,” Martinez added.
Market Reaction and Investor Sentiment
The pattern of short-term accumulation followed by larger sales could be unsettling for retail investors. While price has not collapsed, some are now watching for signs of broader correction.
The 70 million XRP dump comes as part of a wider trend of large outflows from whale wallets this month. Though the current price remains above $2.50, sustained selling could limit future gains or lead to a pullback.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/whales-dump-70m-xrp-in-48-hrs/
