Whales Dump XRP Despite 40% Price Drop; Market Faces Significant Sell Pressure

XRP, the third-largest cryptocurrency by market capitalization, has faced significant selling pressure from whales, despite a 40% drop in its price. On-chain data reveals that whales have offloaded a substantial amount of XRP, contributing to the bearish sentiment in the market.

In recent days, XRP has experienced a decline in price, with a 4.91% drop in the last 24 hours and similar weekly figures. This downturn can be attributed to various factors, including whale movements, altcoin retractions, macro sentiments, and mixed comments from pro-XRP lawyer John Deaton. Previously, XRP's price upticks were often ignited by massive whale accumulations, but the current trend suggests a shift in whale behavior.

Retail investors have been moving out of XRP, and heavy whale outflows have been recorded, further exacerbating the bearish sentiments. The decline in XRP's price has also stalled institutional inflows in the past seven days. Additionally, crypto analyst Ali Martinez has flagged massive DOGE coin sales, with whales dumping 270 million DOGE alongside other top meme coins.

Pro-XRP lawyer John Deaton recently projected a price surge before a correction, which has led to weakened momentum among traders. Speaking on the Thinking Crypto Podcast, Deaton explained the "greed of Wall Street" and the chances of an approval for XRP-based products. He believes that the success of Bitcoin products will lead to institutional investors backing altcoin products, resulting in a price climb before a correction.

The wider cryptocurrency market has also faced significant sell pressure, with Bitcoin (BTC) and altcoins, including Ethereum (ETH), dropping below bulls' resistance levels. The market lost 5.2% today, plunging total capitalization below $3.2 trillion. As corrections bite harder following macro shake-ups, crypto whales have dumped large assets, contributing to the overall market decline.