The rebound across digital assets this week has done little to change XRP’s uneasy outlook.
While the token is managing to stay above $2.80, lingering doubts from both the macro side and the on-chain picture are weighing heavily on its trajectory.
Macro Clouds Limit Relief Rally
Weaker U.S. labor market data offered a brief lift to risk assets, but traders are already eyeing the next wave of reports — payrolls, jobless claims, and inflation numbers that will set the stage for the Federal Reserve’s September 17 meeting. A rate cut is on the table, but uncertainty around timing has kept investors cautious. For XRP, which often tracks broader sentiment, that caution is showing up in stalled price action.
Whales Add to the Selling Pressure
Instead of accumulation, major holders appear to be cashing out. Whale Alert flagged a transfer of more than 35 million XRP to Coinbase, continuing a pattern of large sales that coincided with the latest pullback. CryptoQuant’s data also shows that coins sitting on exchanges are at their highest levels in months — a clear sign that supply is looking for exits rather than long-term storage.
Technical Setup Remains Bearish
Chart watchers are pointing out that XRP hasn’t reclaimed its 50-day moving average since slipping under $3. Momentum gauges such as RSI sit near bearish territory, and analysts like Ali Martinez warn that failure to defend $2.74 could send the token sliding toward $2.35. Any meaningful recovery would require a strong push above $2.90 and then the $3 mark to reignite bullish momentum.
The ETF Question
Much of the optimism around XRP hinges on the SEC’s pending decision on a spot ETF. Heavyweight issuers including Grayscale and 21Shares have filings in play, and Bloomberg analysts peg the chances of approval at 90% by mid-October. Until that decision lands, however, open interest in XRP futures has been fading, reflecting the lack of conviction among traders.
Waiting for a Catalyst
Ripple’s progress in tokenization and payments infrastructure hasn’t been enough to override the current headwinds. Without a regulatory green light for an ETF or a clear shift in U.S. monetary policy, XRP looks set to remain range-bound. For now, bulls are left watching $2.70 as the key line of defense — and hoping that October brings the breakout they’ve been waiting for.
The information provided in this article is for informational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/xrp-price-whales-dump-millions-while-etf-hopes-remain-uncertain/