NAIROBI (CoinChapter.com)—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. XRP could decline further to $1.65 if it fails to hold key support.
Whales Dump 370M Tokens—Is $1.65 Inevitable?
The sharp decline in XRP’s price follows significant whale activity, with large holders unloading 370 million tokens. Analyst Ali Martinez highlighted the selloff on X, warning that the dump could trigger a more extensive correction.
Source: Ali Martinez/XThe crypto market is experiencing extreme turbulence, with over $1 billion in liquidations across various assets. The sell-off has not been limited to XRP, as Dogecoin whales also dumped 312 million DOGE tokens, sending shockwaves through the market.
XRP price risk dropping to $1.65. Source: Ali Martinez/XThe whale-driven selloff coincides with XRP breaking below an ascending parallel channel, a bearish technical structure. According to Martinez, the token’s next target sits at $1.65. A failure to reclaim lost levels could accelerate losses, putting further downside pressure on the token.
XRP Breakdown Signals Trouble—Will $1.65 Be the Next Stop?
The TD Sequential indicator, known for its accuracy 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.
Source: Ali Martinez/XThe 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.
XRP/USD 1-day price chart. Source: TradingViewA 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 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.
Not everyone is convinced that XRP will keep falling, though. Market analyst CasiTrades, who correctly predicted previous XRP crashes, 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.
Source: CasiTrades/X
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.
The post XRP Whales Dump 370M Tokens—Price Drops 16% appeared first on Coinchapter.
%%featured_image%%
