Crypto Whales Sell XRP, Causing Ripple Coin Prices to Drop?

Bittime - The crypto market is starting to experience volatility again which makes traders and investors anxious. One asset in the spotlight is XRP, the native token of Ripple Labs, which is currently facing considerable selling pressure. 

Whale Selling Action 70 Million XRP 

Recently, a prominent crypto expert Ali Martinez revealed that in the last four trading days, crypto whales have released more than 70 million XRP tokens to crypto exchanges. 

This massive selling action was in the spotlight of market players. Considered a signal bearish. The sell-off has the potential to cause a significant price drop, which is currently reflected in XRP price movements.

XRP Price Today

Currently, XRP is trading at around IDR 46,237, experiencing a price decline of more than 5.9% in the last 24 hours. Trading volume over the same period remained stable, with no significant changes.

Movement XRP Price

Technical analysis shows that XRP is moving in a descending parallel channel on the daily time frame. However, the price has formed a bearish engulfing candlestick pattern and appears to be declining. 

Based on recent price action and historical momentum, there is potential that XRP could fall by more than 8.5% to reach the support level of IDR 45,000.

Despite market prospects bearish, the altcoin managed to stay above the 200 Exponential Moving Average (EMA) on the daily time frame, indicating that XRP is still in an uptrend.

Trader Action: Short Positions Dominate

View price action bearish, traders are betting strongly on a decline, as the data reveals CoinGlass. At the time of writing, the IDR 47,500 level was the point where bulls used too much leverage, holding long positions worth $28 million (IDR 456.4 billion). 

In contrast, short sellers used too much leverage at the Rp. 50,500 level with a short position worth $56.30 million (Rp. 918.7 billion).

This data shows that short sellers dominate this asset and can trigger the liquidation of open bull positions if the price falls below the IDR 47,500 level.

Conclusion

The XRP market is currently facing massive selling pressure due to the release of 70 million tokens by crypto whales, which sparked bearish sentiment among investors. 

With the current price around IDR 47,412.16 and the potential for a further decline of up to IDR 45,000, pressure from short sellers is increasingly dominating the market. Even though it still remains above the 200 EMA, high volatility means investors need to be careful in making decisions.

FAQ 

1. Why has the price of XRP experienced a significant decline?
The price of XRP fell due to a massive sell-off by crypto whales who released 70 million tokens to exchanges in the last four days. This triggered bearish sentiment in the market.

2. Does XRP still have a chance to rebound?
Even though 

3. What should investors pay attention to before buying XRP at this time?
Investors need to consider technical analysis, the support level around IDR 45,000, as well as overall market sentiment. 

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Reference

CoinGlass, XRP Liq Map, Accessed February 2, 2025

Investopedia, Time to Sell XRP?, Accessed February 2, 2025