XRP News Today: 719M XRP Sold in 24 Hours Sends Token Below $3.00

A massive 719 million XRP tokens—valued at over $2.3 billion at current prices—were sold within a 24-hour period, sending shockwaves through the XRP community and triggering renewed concerns about price stability and market sentiment. The sell-off, revealed by prominent crypto analyst Xaif, came as whales moved large amounts of XRP from their wallets to centralized exchanges, a common precursor to significant market exits [1].

This movement coincided with a sharp increase in liquidations in the derivatives market, with over $41 million in long positions wiped out within the same 24-hour window. The combined impact pushed XRP briefly below the critical $3.00 support level before a modest rebound. The timing of these events has raised alarm among investors, many of whom are now scrutinizing whether the sell-off signals a broader bearish shift or a short-term correction [1].

This is not an isolated incident. Just one week prior, over 759 million XRP were transferred in two major whale transactions, including a notable 16.8 million sent directly to Coinbase. While such movements do not always equate to immediate sales, they are often viewed as early indicators of liquidation or strategic repositioning [1].

However, the picture is not entirely bearish. Blockchain analytics reports indicate that over the past two weeks, wallets holding between 1 million and 100 million XRP have seen an increase in numbers. More than 310 million XRP have reportedly been added to whale holdings since July 27, suggesting that some large investors remain confident in XRP’s long-term potential despite current volatility [1].

The divergence in whale activity—some selling aggressively while others accumulate—reflects a market in flux. Investors are now looking closely at key technical levels, with XRP currently trading near $3.00 and facing strong resistance at $3.32. A sustained breakdown below $3.00 could push the token toward $2.65, a historically significant support zone, while a move above $3.30 could reinvigorate bullish momentum toward the yearly high of $3.65 [1].

Adding to the uncertainty is the ongoing regulatory environment. The U.S. Securities and Exchange Commission (SEC) has yet to provide a final ruling on Ripple, despite earlier legal rulings, such as the 2023 decision by Judge Torres, which stated that XRP transactions on exchanges do not constitute securities offerings. This regulatory ambiguity has contributed to the hesitancy among institutional and large investors, potentially influencing recent sell-off behavior [1].

As the market digests these developments, the XRP community remains on high alert. The interplay between whale behavior, technical indicators, and regulatory developments will likely determine the token’s immediate and long-term trajectory. For now, the 719 million XRP sell-off stands as a stark reminder of the volatility inherent in the digital asset market and the critical role played by major holders in shaping market dynamics.

Source: [1] 719 Million XRP In Last 24 Hours Stuns XRP Army (https://timestabloid.com/719-million-xrp-in-last-24-hours-stuns-xrp-army/)