A significant breakout is anticipated in the near-term trading range for XRP.
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Whale-driven sales in XRP have remained relentless, significantly impacting the market dynamics. Recent blockchain data reveals that over the past 30 days, large wallets have been selling approximately $50 million daily. This intense selling pressure has coincided with XRP struggling to maintain support around the $3 mark, leading to diminishing individual investor sentiment and mixed technical indicators. Throughout the past week, XRP has depreciated by approximately 7% and fallen by 4.7% over the last month. Currently, the altcoin’s price is 22% below its summer peak of $3.65, maintaining a stable position in the $2.78-$2.84 range over the previous 24 hours.
ContentsWhale Sales Weigh Down PricesTechnical Outlook in XRP Whale Sales Weigh Down Prices
Analyst JA Maartunn reported on his X account that whales have been consistently offloading close to $50 million daily in recent weeks. The sustained selling wave from whales is deepening fear and hesitation among individual investors.
According to Santiment’s report dated October 7, XRP’s positive/negative sentiment ratio has plunged to its lowest level since April. During that period, global trade tensions suppressed risk appetites, affecting XRP’s sentiment despite a 435% price increase since the year’s start. Historically, similar sentiment collapses driven by fear have often marked bottoms, according to Santiment’s past research.
On the fundamentals front, the DeFi footprint within the Ripple $3 ecosystem is expanding. Following the introduction of the FAssets compliance protocol on Flare in September, the Total Value Locked (TVL) increased by 28%. Despite individual investor weakness, continued network activity and institutional use cases support a favorable mid-term outlook.
Technical Outlook in XRP
Technical analyst EGRAG Crypto, through a chart shared on October 10, indicated that the bullish scenario remains intact for XRP, highlighting an upward movement pattern in conjunction with RSI. The analyst noted that closing above $4 could trigger the next wave of gains. Using the Elliott Wave theory, analysts identify the $4-$4.50 range as a significant resistance cluster.
Currently, the market’s focus is on defending the $3 support area. If support holds and whale sales slow, there is an increased likelihood of upward movement from the short-term horizontal band. If the opposite occurs, momentum may fall toward the $2.70-$2.75 region. The reduced trading range in the short term indicates the potential for a sharp directional breakout.
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