XRP Is Under Heavy Pressure After Whales Dumped 370 Million Tokens

XRP is under heavy pressure after whales offloaded 370 million tokens in just four days. The massive selloff triggered a sharp drop, sending XRP from $2.50 to as low as $2.10.

Its price has come under serious pressure after a "huge" selloff by whales saw 370 million tokens move in just four days.

The massive selloff saw XRP’s price drop from $2.50 to as low as $2.10. It could fall further to $1.65 if it fails to hold a key support.

What Happened: The sharp decline in XRP’s price comes amid significant whale activity, with large holders dumping 370 million tokens.

Analyst Ali Martinez spotted the selloff on X, formerly known as Twitter, and noted that the dump could trigger a broader correction in the crypto market.

Indeed, the crypto market has been wreathed in turbulence of late, with over $1 billion in liquidations reported over 24 hours across various assets.

The sell-off has also affected other cryptocurrencies. Notably, Dogecoin (CRYPTO: DOGE) whales also sold 312 million DOGE tokens, sending shockwaves through the market.

The large-scale selloff by whales coincides with XRP breaking below an ascending parallel channel, a bearish technical structure.

According to Martinez, the token’s next price target is at $1.65. A failure to reclaim lost levels could accelerate losses, putting further downside pressure on the token.

Topical Chart: XRP price action is heating up again as we saw a large sell-off from a key zone. This sell-off is being fueled by a huge dump from whales with 370M tokens sold in 4 days. The TD Count is now signaling another sell-off and the RSI is approaching oversold levels.

The TD Sequential indicator, which has been accurate in predicting XRP’s price direction since 2022, has now flashed a sell signal on the two-week chart. This suggests that XRP could be gearing up for another downward move, adding to the growing concerns of a deeper correction.

The Relative Strength Index (RSI) for XRP is currently at 34.44, which is pretty close to oversold levels. This might mean we could see a small price jump soon, but it also shows how much selling XRP has been hit with lately.

A closer look at XRP’s chart shows that $1.79 remains a key support level, aligning with the 200-day moving average (MA). This level has acted as strong support in the times past, with XRP bouncing off it twice in recent months. If bulls fail to defend this area, XRP could see a sharper decline toward $1.65 or lower.

One analyst, CasiTrades, who previously predicted XRP’s crashes to new lows in 2023, believes the token could eventually rally to $10. However, for that to happen, XRP must first reclaim $3.84, its all-time high from 2018.

If this support fails, XRP could slide further toward $1.65. But if bulls defend this zone, the token could attempt a recovery, with $2.55 acting as key resistance in the near term.