Ripple Whales Sell $800M XRP, Price Drops 1.9%

Ripple whales have sold approximately $800 million worth of XRP since early April, causing the price of the cryptocurrency to slip below $2.10 and currently trading around $2.08. This selling pressure has been ongoing since late March, with large holders disposing of over 370 million tokens in recent weeks. The selling coincides with broader market volatility affecting major digital assets including Bitcoin and Ethereum.

The timing of these whale sell-offs has raised concerns in the crypto community, as they began shortly after Ripple CEO Brad Garlinghouse announced that the lawsuit between his company and the SEC had effectively ended after both parties dropped their latest appeals. Whale movements have accelerated recently, with a single Ripple whale transferring 131 million XRP (worth approximately $273 million) between two unknown wallets in a single transaction. This large transfer has sparked speculation about a potential upcoming dump, with some market observers believing the wallets may belong to an exchange, potentially setting the stage for a massive sale that could further pressure XRP’s price.

Another whale transferred $63 million worth of XRP in a single transaction just 12 hours earlier. This cascading effect of whale activity has put investors on high alert. CryptoQuant data shows exchange inflows have surged from 28 million to 55.6 million XRP, suggesting potential selling pressure. The spike in exchange inflows correlates with increasing whale-to-exchange transactions and the prevailing shaky market sentiment.

Liquidation data indicates $5.1 million in long positions were wiped out compared to $1.25 million in short positions in a 24-hour period. A negative long-to-short ratio of 0.938 suggests investors prefer to reduce exposure to XRP. Cryptocurrency analyst CasiTrades notes that XRP has repeatedly failed to breach the $2.17 resistance level. According to the analyst, if this rejection continues, support at $1.90 and potentially $1.55 “remains firmly in play.” Despite the current downtrend, the Moving Average Convergence Divergence (MACD) indicator maintains a buy signal, reinforced by green histograms. The Relative Strength Index (RSI) could signal XRP’s direction, with movement toward the oversold region suggesting a bearish trend.

Market watchers point to several external factors affecting XRP’s price movement. Trade tensions between the United States and China stand out as a major influence. Looking ahead, Ripple still has potential catalysts on the horizon. The possible approval of an XRP ETF in the United States could restart another rally. However, investors should temper expectations considering that soon-to-be-sworn-in SEC Chair Paul Atkins might delay the process as he adjusts to his new role. The potential SWIFT integration with Ripple is another factor that some analysts believe could eventually send XRP price beyond $3. If XRP loses the immediate $2.00 support, losses could extend to the 200-day Exponential Moving Average (EMA) at $1.95 and possibly to the $1.61 level tested last Monday. The crypto community remains divided on whether the conclusion of the SEC lawsuit represents a typical “buy-the-rumor, sell-the-news” event, as whale selling patterns might suggest.