XRP Slides 5% on Whale Sell-Off, Death Cross Nears, ETF Hopes Waver
XRP extended its decline, dropping over 5% to around $2.41 after whale wallets offloaded roughly 900,000 tokens over a week. The sell-off broke a multi-month ascending trendline and drove a 15% slump in open interest, accelerating bearish momentum. Trading volume surged by 87% versus the 24-hour average, confirming heavy distribution. Technical indicators point to an imminent death cross as the 50-day moving average nears the 200-day. The RSI has entered oversold territory, but buyers must reclaim the $2.37–$2.39 supply zone to offset downside pressure. The key $2.20 support zone remains in focus; a breach could expose targets at $2.00–$1.85. Meanwhile, Ripple-linked on-chain flows and Canary’s 8-A filing for a spot XRP ETF offer potential catalysts. Short-term traders should exercise caution amid deleveraging risk, while institutional participation will be critical for any sustained rebound.
Bearish
The combined effect of heavy whale selling, a breakdown below key trendlines and elevated volume confirms strong bearish momentum for XRP. In the short term, traders face increased downside risk as the imminent death cross and falling open interest point to further sell pressure, with $2.20–$2.25 emerging as critical support. Failure to recover the $2.37–$2.39 supply zone could accelerate declines toward $2.00–$1.85.
Looking ahead, potential catalysts such as on-chain flow shifts and Canary’s 8-A ETF filing may spark renewed interest, yet any sustained recovery hinges on institutional participation. As long as technical indicators remain negative and sellers dominate, market stability is likely to remain under pressure, reinforcing a bearish outlook.