Whale Sell-Off and ETF Uncertainty Drag XRP Lower: | Crypto News
XRP slipped below the crucial $3.00 degree this week, extending its shedding streak as whale sell-offs and regulatory uncertainty weighed closely on the market. Currently trading at $2.8, XRP has made a 3.68% decline in the past 24 hours, with trading quantity rising barely by 0.82% to $6.85 billion.
The latest downturn comes after on-chain data revealed that whales offloaded 470 million XRP tokens over the past 10 days, slashing their cumulative holdings to just 7.63 billion cash.
Large-scale exits by wallets holding between 10 million and 100 million XRP recommend institutional desks and high-net-worth merchants are taking earnings after XRP’s latest rally to above $3.39 earlier this month.
XRP Price Action: $2.85–$2.90 Becomes Key Battleground
Price motion data reveals XRP’s sharpest drop occurred between 13:00 and 15:00 UTC on August 19, when it slid from $3.04 to $2.93 as quantity spiked to 137 million, almost double the daily average.
Despite heavy promoting, patrons repeatedly defended the $2.85–$2.88 zone, stopping additional collapse.
Currently, XRP is consolidating close to $2.85–$2.90, a signal that short-term promoting stress could also be easing. Still, resistance at $3.04 has been confirmed, making a bullish recovery tough without stronger demand.
Can Bulls Hold the Line at $2.8?
For merchants, the $2.8 degree is now the most crucial help to watch. A breakdown might open the door for a deeper decline, while reclaiming $3.00 would signal renewed purchaser strength. Analysts observe that a recovery above $3.19 is crucial for momentum to shift back in favor of the bulls.
Adding to the stress, a security audit ranked the XRP Ledger lowest among 15 major blockchains, sparking considerations over long-term resilience. Meanwhile, the U.S. SEC has delayed selections on a number of XRP ETF purposes, including Nasdaq’s CoinShares submitting, until October, deepening regulatory uncertainty.
Until the SEC guidelines on ETF filings in October, XRP could stay unstable as whales continue to offload and institutional buyers modify their portfolios. Whether this dip is a healthy correction or the start of a broader downturn will rely on how effectively XRP can defend its current help ranges in the times forward.
Cover image from ChatGPT, XRPUSD chart from Tradingview
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