XRP News Today: XRP Whales Sell 70M, Retail Investors Drive Price Up by Absorbing Supply
- XRP whales sold 70M tokens in two weeks, yet price rose to $2.55 amid retail/institutional buying. - Whale holdings increased (12.65% at 1M-10M range) while futures funding rates turned positive, signaling bullish sentiment. - Technical indicators show bullish reversal patterns, but price remains below 50-day SMA and faces $2.60 resistance. - Regulatory delays (SEC ETF decisions) and macro risks persist, though institutional demand stabilizes via Evernorth's $1B Nasdaq listing plan.
XRP, the cryptocurrency developed by Ripple, has undergone a significant shift in market dynamics as major holders and overall investor sentiment intersect. In the last two weeks, investors with substantial holdings—commonly referred to as "whales"—have sold off close to 70 million
The surge in whale-led selling has sparked worries about possible downward pressure on XRP’s value. Notably, holders with between 1 million and 10 million tokens have increased their exposure, now accounting for 12.65% of the total supply as of October 23, up from 12.16% on October 6, according to an
Both retail and institutional participants seem to be counterbalancing the selling pressure from whales. Data from CoinGlass indicates that the open interest (OI)-weighted funding rate for XRP futures turned positive on October 23, climbing to 0.0042% from -0.0007% the day before. This change points to a shift toward risk-taking, with more traders entering long positions. Furthermore, Santiment reports that retail investors have absorbed much of the whale selling, viewing current prices as favorable for entry.
Technical analysis adds further complexity to the situation. As detailed in a
Uncertainty around regulations continues to weigh on XRP’s prospects. The U.S. Securities and Exchange Commission’s (SEC) postponed decisions regarding crypto ETFs and Ripple’s application for a bank charter have heightened investor unease, according to a
Despite these obstacles, institutional interest in XRP appears to be stabilizing. Evernorth Holdings, a company supported by Ripple, has revealed plans to raise over $1 billion through a Nasdaq listing to establish a large-scale XRP treasury, as noted in a
The conflicting signals in the market highlight the need for a comprehensive approach to analysis. While whale selling and regulatory setbacks present risks, growing institutional holdings, retail buying activity, and encouraging technical signals may pave the way for a rebound. Investors should keep an eye on critical price points, such as the $2.40 support and $2.60 resistance, as well as broader economic indicators like U.S. inflation data, as referenced in an
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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