XRP, the fourth-largest cryptocurrency by valuation, has experienced a significant dump in the past 24 hours as whales offload 60 million coins. This action has sent unrest across the XRP community as members wonder about the reason behind it.
Ali Martinez, popularly known as Ali Charts on X, first reported the movement. According to him, these large investors cumulatively sold 60 million XRP, valued at approximately $138.7 million between January 7 and 8. This huge movement contributed to the bearish momentum surrounding the coin leading to a crash from a high of $2.4 to $2.2.
XRP trading chart | source: Ali Martinez/X
One of the major reasons attributed to the sell-off is the upcoming SEC opening brief submission in the Ripple case. The regulatory watchdog is expected to submit its appeal-related brief by January 15 as per court guidelines.
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XRP investors, who anticipate a price drop as a result of this, are taking measures by selling their holdings. Consequently, XRP’s trajectory has been hit with its first bearish signal of the year.
XRP Risks Crash as it Demonstrates First Bearish Sign in 2025
Meanwhile, technical analysis has shown the formation of a bearish movement in the XRP chart. Precisely, a death cross signal has emerged in the coins’ hourly chart. For the unversed, a death cross is formed when the 50-hour MA (moving average) crosses below the 200-hour MA as seen in the chart below. The formation of this pattern suggests a further downtrend soon.
Double cross formation on the XRP hourly chart | Source: Tradingview
XRP started 2025 on a bullish note, surging to $2.46 and igniting hopes among investors. However, the appearance of the death cross signal on its hourly chart has triggered questions and uncertainties about XRP’s short-term trajectory.
Hope in the Long Term?
Amid the market downturn, crypto experts have continued to forecast bullish outcomes for the Ripple-backed coin. Crypto Bull, a known member of the crypto community, predicted that XRP will hit $13 in the coming weeks and ultimately above $20 within this bull cycle.
He based his analysis on the Elliot Impulse Wave which forms after a significant breakout. Moreover, he cited historical trends from 2017, noting that the bullish breakout rocketed XRP’s price by 70,000% from a low of $0.002 to its all-time high of $3.84. On this basis, he opined that a similar pattern will repeat soon which will send XRP up by 6,000% to $26.
XRP Elliot Impulse Wave chart | Source: Crypto Bull/X
Meanwhile, XRP traded at $2.30 at the time of writing, signaling a 1.1% decline in the last 24 hours. Additionally, its trading volume declined by 23.1% over the last day to rest at $6.4 billion. This notable decline has dropped XRP one place below on the crypto market chart, now occupying the 4th position after Bitcoin, Ethereum, and USDT.
Read Also: Ripple vs SEC Resolution: XRP to Surge THIS Price Afterwards
