What do they Know? 140,000,000 XRP Sold by Ripple Whales
Ripple’s XRP is trading around $2.62 at the time of writing, after climbing from a seven-day low of $2.34. The token is up 8% over the past week, though over the past 24 hours it shows little change, according to CoinGecko.
Market data now suggests that large holders may be stepping back after the latest rally.
Large Holders Reduce Exposure
Wallets holding between 1 million and 10 million XRP have reportedly sold over 140 million tokens. This activity took place as prices climbed, raising questions about the sustainability of the move.
The decline in whale holdings was shared by analyst Ali Martinez, who noted a steady drop in large wallet balances as XRP pushed higher. This shift in positioning has raised concerns, as similar patterns have occurred before price reversals. The post read,
Moreover, the TD Sequential indicator has flashed a sell signal on XRP’s daily chart, as reported by CryptoPotato. Several short-term reversals have followed this tool in the past few months. While this signal doesn’t confirm a reversal by itself, its past performance suggests it could be a warning for bulls.
XRP Near Resistance, Momentum Weakens
XRP is now testing the upper Bollinger Band near $2.69. The price has moved off the lower band earlier this month and is approaching a zone where previous moves have paused or reversed. The bands remain tight, suggesting a lack of strong volatility expansion.
Source: TradingView
Meanwhile, the Stochastic RSI is showing overbought readings. Both %K and %D are above 94, and a bearish crossover is forming. This setup has often marked short-term turning points in recent charts.
Key Levels Still in Play
Analyst Man of Bitcoin has marked $2.53 as a level to watch. A break below this area may indicate that a larger corrective move is forming.
As recently reported by CryptoPotato, XRP is still tracking within a possible Wave 4 structure. The analysis noted that unless $2.82 is cleared, there may still be one more move down before a broader breakout attempt.
The post What do they Know? 140,000,000 XRP Sold by Ripple Whales appeared first on CryptoPotato.
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