Key Insights
- XRP price surged more than 12% over the week, allowing traders to book profits.
- According to the latest XRP news, Ripple whales have moved 460 million coins this week.
- Analyst said that XRP price must break through the $2.27 resistance to continue its upward run ahead.
In the latest XRP news, the Ripple whales are once again making headlines with their hefty on-chain transfers.
It seems that the latest surge of over 12% in XRP price from its recent crash has also triggered a selling pressure, allowing the large investors to book profits.
Besides, the recent consolidation phase of XRP price near the $2.2 mark further reflects the selling pressure from large traders or whales.
In other words, the XRP whale dump might have caused a blockade in the asset’s upward run despite the soaring optimism over Ripple ETF.
The XRP ETF has continued to witness funds entering the investment instrument, suggesting that the institutions are confident in the asset.
In addition, more institutions are also pushing to enter the space, which reflects an increasing competition in the altcoin ETF space.
Despite that, the recent movements of the whales have sparked discussions over the potential future movement of the coin.
So, here we explore the recent developments and the key price levels to understand where XRP price may head in the near term.
XRP News: Ripple Whales Move 460M Coins Sparking Discussions
According to the latest XRP news update, the Ripple whales are making hefty transfers, which have caught the eyes of traders.
Analyst Ali Martinez highlighted the soaring whale activity in the Ripple market this week, which has sparked discussions, especially after the recent recovery in the asset’s price.
As per Martinez, the whales have offloaded or redistributed 460 million coins in recent days. This move, which he considered could be a dump, has weighed on the traders’ sentiment, who were previously anticipating a strong rally in XRP price.
In other words, the aggressive selling pressure might halt the much-awaited recovery in the asset’s price.
It’s worth noting that the whales or large investors often reorganize their portfolio, especially after an asset showcases a major move in either direction.
Having said that, the recent surge in Ripple coin price over the past week might have allowed traders to book profits, causing the recent selling.
In addition, the XRP whales have also previously moved massive amounts of coins to book profits, which have further dampened the traders’ sentiment.
Can XRP ETF Optimism Help Offset the Selloff Woes?
Despite the selling pressure from the whales, the institutions appear to have remained confident in XRP price.
In other XRP news, the Ripple ETF has continued to witness positive fund flow since its launch in the US market.
According to SoSoValue data, Canary Capital, Bitwise, Grayscale, and Franklin Templeton XRP ETFs have recorded a combined inflow of $643.92 million since launch. On November 26, the total inflow into the investment instrument came in at $21.81 million.
Meanwhile, the inflow amount on November 26 surpassed both the Bitcoin and Solana ETFs’ fund flow on the same date.
For context, Bitcoin ETF recorded an inflow of $21.1 million on November 26, while Solana ETF recorded its first outflow at $8.2 million on the same date.
Considering that, it seems that institutions have continued to bet on the asset, offsetting the massive selling pressure from Ripple whales.
Amid this, analyst CRYPTOWZRD noted that XRP price must turn the $2.27 resistance into support to continue its upward run ahead.
In addition, the expert said that crossing the resistance would make the new target for the asset at $2.75 and eventually to $3.
Having said that, investors are keeping close track of the XRP price movements, whale activity, and the institutional bets for cues on its future momentum.