XRP Price Pressure Mounts: $50M Daily Whale Sell-Off Raises Alarms
Recent data shows that large XRP holders, often referred to as whales, have been offloading significant amounts of the token at a rapid pace. Over the past 30 days, these whales have sold approximately $50 million worth of XRP daily, contributing to the token’s underperformance. Over the past week, XRP’s price has dropped about 7%, lagging behind the broader crypto market.
Technical Analysis Points to Bearish Outlook
Prominent commodity trader Peter Brandt recently labeled XRP as the top short candidate. On the daily chart, XRP is forming a descending triangle pattern, which is generally interpreted as a bearish continuation or reversal signal. Brandt warned that if the price breaks down from this pattern, XRP could fall to $2.2. The technical indicators and market flow data both suggest that selling pressure is intensifying.
Market Capitalization and Liquidations
XRP recently slipped to fifth place in market capitalization, overtaken by Tether (USDT) and Binance Coin (BNB), though it still holds an impressive market cap close to $170 billion. CoinGlass data reveals that $11.83 million worth of XRP was liquidated in the last 24 hours, with short positions accounting for 81.3% of this figure. The Bybit exchange led liquidations with $4.41 million.
Earlier today, a Hyperliquid whale opened a $3.44 million XRP short position, which has already gained nearly $100,000 in profit. Despite the current price struggles, a majority of XRP whales (58.81%) on Hyperliquid remain bullish.
