Key Insights:
- XRP price nears $2.78 support amid heavy whale selloffs.
- Whale holdings drop by 200 million XRP in two weeks.
- Market momentum weakens as RSI and capitalisation trend lower.
XRP news is back in the spotlight this week. Market data and technical charts show rising selling pressure. XRP price is nearing key support levels and raising concerns.
The move comes after the whales reportedly unloaded approximately 200 million XRP in the last two weeks. This further exerts pressure on the market.
Ripple Faces Resistance, XRP News Highlights Selling Pressure
XRP news shows that the price action shows a rejection at the resistance of $3.16 earlier in September. After, there was a declining trend that was marked by low highs. The current market at around $3.01 means that the asset is slightly above the intermediate of 2.96.
The charts also projected price movement directions, indicating potential tests at 2.88 and 2.78. This has historically been a fundamental support level.
The candlestick patterns indicate that the upward momentum is wearing out. Also, there are unsuccessful efforts to rise above $3.08. The horizontal support lines at 2.96 and 2.78 are areas of past accumulation and where the buyers may intervene.
The dotted lines suggest the XRP price could drop further before settling. Continued selling pressure may delay any price recovery.
XRP News: Whales Offloading, Will the XRP Price Crash?
Whale activity demonstrates the XRP news that big holders with one million to ten million XRP have sold 200 million XRP. This all happened within the past 2 weeks.
Such large-scale distribution is associated with the decrease in the XRP price since the peak at around $3.16. The price is close to $3.01 on the day of analysis.
The darker region on the chart shows that the total whale holdings had peaked towards the end of August. After this, the curve started to decline. At the same time, the XRP price line indicates a similar decline.
This indicates a direct correlation between whale selloffs and declining prices. As the whale balances drop to approximately 6.74 billion XRP, there is a strain on the short-term supply. The market will be even more vulnerable to the support level of 2.78.
XRP Price Moving Between Key Resistance and Support Zones
XRP News shows mixed signals from the 1-hour price charts. XRP outperformed key market benchmarks over the past week. But in the last month, its performance has lagged.
XRP price rose 1.60% over the past week. In comparison, EUR/USD fell 3.14%, while E-mini S&P 500 futures gained 1.83%.
However, the one-month data indicate that the XRP price is decreasing by 1.06. Also, benchmarks like Apple Inc. have increased by 3.54% during the same month.
The performance of XRP is also favourable in the long term. XRP has gained over 35% in the past year and 140% in five years. However, current price action shows a short-term negative trend.
The key resistance point is at $3.16. Also, the support is below the current prices at $2.96, followed by $2.88 and $2.78. The $2.78 zone has served several times as a powerful support floor, including in late August.
This may be the focus of further purchasing activity if it is tested. The Relative Strength Index (RSI) is about 56.45, which is also neutral.
However, it has been trending downwards since the overbought area of about 68 towards the beginning of September. This is an indication that momentum is weakening.
Moses K is a crypto journalist covering markets, regulation, and blockchain trends. He has written for The Coin Republic, Coinchapter, Cryptopolitan, Cryptotale, Coinspeaker, and MPost. Known for his concise, data-driven reporting, Moses focuses on price analysis, on-chain metrics, and policy developments shaping the global digital asset landscape.
