Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. On-chain data shows that XRP whalesare currently offloading their coins, which paints a bearish outlook for the altcoin. This comes as XRP struggles to stay above the psychological $3 level and risks dropping to new lows. XRP Whales Offload $480 Million Coins In Two Weeks
Santiment datashows that XRP whales have dumped 160 million coins ($480 million) since around September 4, when their holdings peaked at around 6.95 billion. Since then, their XRP holdingshave dropped from 6.95 billion to around 6.77 billion. These whales hold between 1 million and 10 million tokens. Related Reading $480 Million In 2 Weeks? XRP Whale Movements Could Reveal The Next Price Direction 3 hours ago
There is also a similar pattern among whales holding 10 millionto 100 million coins and those holding 100 million coins to 1 billion coins. The 10 million to 100 million XRP whales had begun offloading their coins since last month, with a notable drop from 8.1 billion coins to around 7.77 billion coins as of now. Source: Chart from Santiment
Meanwhile, XRP whales holding 100 million coins to 1 billion coins had begun offloading their coinssince July, with a sharp drop in their holdings from around 10.83 billion during that period to 7.94 billion in August. However, since then, their holdings have remained stagnant, with these whales remaining on the sidelines, neither buying nor selling aggressively.
This development paints a bearish picture for the XRP price as the token could witness further declines as these whales continue to offload their coins. Moreover, these whales are offloading their coins despite projections of a Fed rate cut this week and the upcoming launch of the first spot XRP ETF. This further fuels concerns that these events might turn out to be a ‘sell the news’ event, with a sharp price decline happening once they occur. A Potential Bearish Cross Lies Ahead For XRP
In an X post, crypto analyst Egrag Crypto said that a potential bearish cross lies ahead for the XRP price. He predicted that the altcoin might dip to as low as $2.65 despite an imminent Fed rate cut. He noted that many are anticipating a rate cut but that the markets tend to react in the opposite direction, meaning that XRP could decline after the rate cut instead of rallying. Related Reading XRP Price Forms Bull Flag On The Weekly Chart: Analyst’s $23 EOY Target Swims Into View 2 days ago
Egrag Crypto further stated that for the XRP priceto avoid the bearish cross, it needs to see a close above $3.07 and $3.13. If that happens, then he believes that the altcoin will be in a much stronger position to rally to the upside. The analyst predicted that XRP could rally to as high as $3.7 eventually.
At the time of writing, the XRP price is trading at around $3, up in the last 24 hours, according to datafrom CoinMarketCap. XRP trading at $3.02 on the 1D chart | Source: XRPUSDT on Tradingview.com Featured image from Adobe Stock, chart from Tradingview.com