XRP Drops 4% After Whales Move $336M in Tokens

Recent activity by large XRP holders, or "whales," has caused significant ripples in the market. A single transaction involving 131 million XRP tokens, valued at approximately $273 million, has sparked concern and speculation among investors. This movement comes at a critical time as XRP struggles to break through the resistance level at $2.16.

According to blockchain monitoring, an unidentified wallet transferred 131 million XRP tokens to another unknown wallet. This transaction has raised questions about the stability of the market, as the wallet addresses involved have not been linked to any known exchanges or entities. The lack of clarity surrounding these transfers has only added to the uncertainty.

This was not an isolated incident. Just 12 hours prior, another large holder moved XRP tokens worth $63 million. These back-to-back transfers by major token holders suggest a potential trend emerging. Some market observers speculate that these could be over-the-counter transactions, while others are wary of the potential selling pressure that might follow.

Despite recent attempts, XRP has failed to surpass the $2.17 resistance level. These rejections have weakened the bullish momentum, driving the price lower. Within the last 24 hours, XRP traded at around $2.06, marking a 4% decrease. The digital asset had shown positive growth in the previous week with a 14% gain, but this upward trend was not sustained following the whale activity.

Market analyst CasiTrades has indicated that if the downtrend continues, XRP could drop towards support levels below $1.90. The analyst even suggested a potential drop to $1.55 if selling volume increases significantly. Such price levels could present buying opportunities once market interest resurfaces.

Despite the recent volatility, some analysts remain optimistic about XRP's long-term prospects. Rumors of an XRP ETF and a potential agreement with a major payment system have generated excitement among investors. However, these expectations have not yet materialized in the market.

Currently, market participants hold differing views due to large institutional trades and price pullbacks at key levels. The $1.90 to $1.55 support zone is crucial for XRP's price movement. If XRP can maintain its position above this zone, there is a possibility of an upward trend in the near future.

The market continues to closely monitor XRP, awaiting concrete news that could influence its direction. Whale movements and the persistent resistance at $2.16 are key factors that will determine the market's trajectory in the coming days.