The XRP market experiences shifts in dynamics due to significant sell-offs from major investors, amidst ETF launch expectations.
Large Holder Sell-offs
According to Santiment data, large wallets holding between 10 to 100 million XRP have sold over 40 million tokens in the last day. This sale continues a distribution trend observed over recent weeks. The U.S. Securities and Exchange Commission (SEC) postponed its decision on Franklin Templeton’s spot XRP ETF application, creating uncertainty in the market.
Price Pressure from Whales
A review of order books on exchanges such as Binance, Coinbase, and OKX highlights significant sell orders at the $3.05 level. Furthermore, whales have opened short positions between $3.3 and $3.6, restricting upward price movements. This behavior may stem from cautious institutional demand for the XRP ETF, similar to what was seen with the Solana ETF.
Current XRP Market Trends
Data from CryptoQuant shows that the 30-day moving average of XRP whale flows continues to issue strong sell signals. Earlier in the year, a similar distribution caused a pullback after reaching a price peak. In the last 24 hours, XRP’s price rose over 1% to $3.05, with trading volume surging by over 40%. However, data from Coinglass indicates a decline in the total value of open positions in XRP futures in the past four hours.
The XRP market remains under pressure from major investors, complicating its dynamics against the backdrop of anticipated ETF launches. Investors continue to monitor developments, hoping for stability in the situation.
