According to crypto.news, XRP was trading at $2.52, down 12% over the past week and more than 30% below its all-time high for the year.
The recent decline is largely driven by a broader risk-off sentiment among investors, sparked by concerns over a new round of U.S. tariffs on Chinese goods. With negotiations between the two economic giants failing to reach an agreement ahead of the Nov. 1 deadline, market anxiety remains elevated, as reflected in the current Crypto Fear and Greed Index readings.
Investor caution was further fueled by uncertainty surrounding Federal Reserve Chair Jerome Powell’s speech, with many waiting for hints on potential rate cuts or changes in policy stance. Sentiment has also been weighed down by ongoing delays in the approval of spot XRP ETFs in the U.S.
Whales appear to be reacting to these bearish pressures. On-chain data shows that these large holders have offloaded at least 2.23 billion XRP since the U.S. announced its latest tariffs on Friday.
Additionally, data from Santiment indicates that XRP’s social sentiment—which measures investor outlook—has been negative since late September, reinforcing the overall market pessimism influencing whale activity.
Heightened selling activity from whales often sparks panic among retail investors, who closely monitor large holders. This behavior could continue to put downward pressure on XRP’s price.
XRP Price Analysis
On the daily chart, XRP has confirmed a breakdown from a descending triangle—a bearish pattern marked by lower highs converging toward a horizontal support level. This formation typically signals strong seller dominance in the market.
Adding to the bearish outlook, the 20-day simple moving average has dipped below the 50-day SMA—a classic technical signal that often points to further downside momentum.
Momentum indicators are also signaling caution, with both the MACD and RSI trending downward, reinforcing the bearish setup.
The nearest key support currently sits at $2.32, aligning with the 23.6% Fibonacci retracement level, measured from the swing low on June 22 to the peak on July 18. A decisive break below this level could accelerate losses, with the next downside target around $1.90—calculated by subtracting the triangle’s height from the breakdown point.
The $1.90 zone has been tested multiple times this year, serving as a critical support where buyers have historically stepped in. It lies roughly 25% below the current price.
On the upside, immediate resistance is at $2.74. A strong breakout above this level could mark the end of the current downtrend and potentially trigger a bullish reversal, provided buyers regain control of the market.
