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Summary
- In the last ten days, XRP whales have liquidated nearly $470 million in tokens, leading to a 20% drop from its peak of $3.65.
- Despite significant selling by whales, consistent trading volumes indicate that retail investors are still acquiring XRP, hinting at market reshuffling instead of panic.
- XRP is now priced at $2.90, with critical support levels between $2.78-$2.60, while analysts hold a cautiously bearish perspective in the near term.
Recent data shows XRP whale transactions have surged to around $470 million over the last ten days, as reported by an analyst earlier this week. However, there’s no need for alarm as trading volumes remain strong, another expert pointed out.
“While heavy selling usually affects short-term prices, it’s essential to recognize that volumes have not dwindled,” said Unity Wallet CEO James Toledo in an interview with Decrypt.
Toledo expressed surprise at the significant sell-off, noting that overall sentiment remains bullish. He also mentioned neutral funding rates and that retail investors continue to acquire XRP, indicating a possible redistribution.
At this writing, XRP’s price has dipped by 0.8% in the past 24 hours, now trading at $2.90. It’s down more than 20% from its record high of $3.65 a month ago, dipping below $3 over the weekend for the first time since early August.
“If XRP can stay above critical support levels despite the whale selling, it may indicate strength rather than weakness,” Toledo stated.
Earlier this week, CoinShares, a digital asset manager, reported that XRP-based exchange-traded products received $125.9 million in inflows last week, slightly lagging behind the $176 million attracted by Solana-based funds.
Although the number of XRP ETPs is currently limited, more U.S.-based ETFs tracking XRP are pending approval from the Securities and Exchange Commission. Grayscale and Bitwise received preliminary clearance earlier this summer to commence trading, though the SEC has paused their launches.
Recent weeks have also seen other whales cashing out. The average daily transactions exceeding $100,000 for XRP and Cardano reached a five-month peak in August, according to research firm Santiment.
Movement among Bitcoin whales has been even more pronounced. One whale holding $1.67 billion in BTC exchanged $75 million of it to take a long position on Ethereum last Thursday. Additionally, last month, a whale from the Satoshi era moved $8 billion in a single day—the largest known transaction in BTC history.
Dean Chen, an analyst at crypto exchange Bitunix, suggested that these whale transactions indicate redistribution rather than mere dumping. Nevertheless, his outlook for the near term is “range-bearish,” anticipating sideways or downward price movement.
“Should $3.25 or $3.30 fail to be reclaimed decisively, the price might revisit $2.78,” he informed Decrypt. “A break lower could create a liquidity gap toward $2.72 or even $2.60. Only a robust reclaim above $3.30, flipping it to support, would facilitate a return to the uptrend.”
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