- Whales sell 500,000 XRP, sparking renewed pressure on prices.
- XRP trades near $2.29 as bearish indicators dominate charts.
- Analysts warn whale activity could signal deeper market correction ahead.
The XRP market is witnessing growing pressure as large holders liquidated over 500,000 tokens in two days. According to Ali (@ali_charts), wallets containing between one million and ten million XRP coins have actively reduced their holdings.
This wave of whale activity aligns with XRP’s recent price struggles, where selling momentum has outweighed accumulation. The market now closely watches whether this selling trend will deepen or if short-term support levels will prevent further declines.
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XRP Price Struggles as Technical Indicators Turn Bearish
Fresh trading data from tradingview shows XRP fluctuating near the $2.29 mark after slipping 0.68 percent in the past day. Bollinger Bands reveal a narrowing price channel, with resistance forming at $2.70 and support stabilizing around $2.18. This tightening range suggests volatility could soon expand in either direction.
The 20-day Simple Moving Average currently stands at $2.44, slightly above the current price, signaling persistent selling pressure. Additionally, the Relative Strength Index at 41.96 shows weak buying strength, keeping XRP near oversold territory.
These indicators reflect growing caution among traders who appear hesitant to re-enter the market aggressively.
Furthermore, price action since early October has displayed a series of lower highs, reinforcing the bearish structure. Attempts at short-term recovery have repeatedly met resistance near $2.44, a level traders now view as a key pivot point.
Market Reaction and Analyst Outlook
According to Ali, whale movements often foreshadow larger market shifts. The current pattern of distribution underscores a cautious outlook from institutional players, which may influence overall market sentiment. Reduced whale holdings can affect liquidity and contribute to price stagnation, creating uncertainty for short-term investors.
Analysts suggest monitoring whale wallet data in the coming sessions to gauge momentum shifts. If XRP maintains support above $2.18 and trading volume rises, recovery signs could emerge. However, persistent selling by large holders may continue to weigh on price performance, leaving traders alert for the next directional move.
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