Key Insights:
- Whale wallets shed 500K XRP as price drops below key resistance and momentum turns bearish.
- Exchange inflows of 22M XRP point to possible broader sell-off beyond initial whale movements.
- XRP nears critical $2.00 support level with price trapped in long-term accumulation range.
Over the last two days, addresses holding between 1 million and 10 million XRP have reduced their positions by around 500,000 tokens. This shift, reported by analyst Ali Martinez, adds to a steady decrease in whale-held supply that has been taking place since late September.
The timing of this activity closely tracks with XRP’s decline from its recent high near $2.90 in early October to approximately $2.31 by November 8. The movement of funds from whale wallets may be influencing broader market behavior, especially with price reacting during the same window.
Price Drops Below Key Levels
XRP was now trading around $2.30. While the token saw a brief bounce of 5% in the past 24 hours, it remains down over 8% for the week. Price recently failed to reclaim the $2.55 to $2.60 range, a level that now acts as firm resistance.
Price structure shows continued weakness, with a pattern of lower highs and lower lows. After repeated rejections at $2.40, the asset is drifting toward a previously tested support area. Traders are watching the $2.00 level closely, as price movement below this point could extend losses.
Exchange Inflows Spike as Price Falls
Data from CryptoQuant shows large inflows of XRP to Binance between November 4 and November 8. On November 4, over 10 million XRP moved onto the exchange. Just four days later, another 12 million XRP followed.
These exchange inflows often suggest preparation to sell. During this period, XRP fell from $2.52 to $2.31. The size of the inflows suggests that recent selling may go beyond the 500,000 XRP initially reported. The movement of larger amounts supports the case for widespread distribution by bigger holders.
$2.00 Remains a Key Support Area
Charts show XRP trading within a wide range, with vertical accumulation support near $2.00 and resistance around $3.10 to $3.70. Recent price action shows a retest of the $2.00 level, which is also the midpoint of a Gaussian regression band used by technical traders.
ChartNerdTA commented that “a base above $2.00 and a break of descending resistance” is needed to reverse the current trend. Until then, the asset remains inside a sideways structure. If $2.00 fails to hold, traders are watching for price to test the $1.90 zone next.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/whales-dump-500k-xrp-in-48-hours/