XRP has been caught in a whirlwind of selling pressure, slumping by 5% over the past 24 hours. This unexpected downturn comes even as the broader crypto market showed signs of stabilizing amid easing geopolitical tensions in the Middle East, brokered by former U.S. President Donald Trump. Yet, the digital asset’s momentum appears fragile, with technical resistance creating a ceiling at $2.17.
Ripple’s Whales Make a Splash
In a move that caught the eye of market watchers, Ripple recently transferred a staggering $439 million worth of XRP to an undisclosed wallet. This wasn’t an isolated incident; other significant whale wallets moved an additional $58 million to centralized exchanges. Such large-scale movements often spark speculation—are these whales distributing their holdings, or is there an internal reshuffle underway? The implications of these transactions remain murky, with the market abuzz with theories. For more on how geopolitical tensions can impact whale activities, see our analysis of crypto whales during the Israel-Iran tensions.
According to crypto analyst Jenna Moore, “These whale moves could suggest preparation for significant market shifts, but without clearer information, it’s just as likely to be routine rebalancing.”
Market Sentiment and Technical Indicators
XRP’s price, which tumbled from $2.21 to a session low of $2.08, has struggled to reclaim the $2.14 resistance level. While the broader crypto market seemed to draw some comfort from geopolitical developments, XRP’s inability to capitalize on this positive sentiment raises eyebrows. The asset briefly rebounded to $2.10, but resistance at $2.17 remains formidable.
Traders reacted sharply to back-to-back hourly volume surges surpassing 99 million XRP between 12:00 and 16:00 UTC on June 26. This period marked the steepest selloff, with resistance wicks forming above $2.12 later in the session. By midnight UTC, XRP revisited its session low, though the $2.08 support zone held firm. As explored in our recent coverage, XRP’s price dynamics are closely tied to Bitcoin’s performance, highlighting the interconnected nature of the crypto market.
Crypto chartist Nathan Hughes points out, “XRP is navigating a descending channel pattern. If it breaks out, we might see a bullish run, but a breakdown could spell trouble by the end of summer.”
Looking Ahead: Uncertainty Lingers
As traders and analysts alike keep a keen eye on XRP’s technical patterns, the asset’s next moves remain uncertain. The $2.08-$2.09 zone has become a critical level to watch. Technical analysts forecast potential breakouts or breakdowns between July and September, but for now, XRP’s recovery efforts are tepid at best.
The market continues to speculate about Ripple’s whale activities and their potential impact. Are these merely routine transactions or the precursor to something more substantial? As XRP consolidates near $2.10, the crypto community awaits further clues.
In a market defined by volatility and rapid shifts, XRP’s current trajectory underscores the inherent unpredictability of the crypto landscape. As June comes to a close, traders remain cautiously optimistic yet ever vigilant, prepared for whatever the next chapter holds.
Source
This article is based on: XRP Slides 5% as Selling Pressure Intensifies Despite Whale Transfers
Further Reading
Deepen your understanding with these related articles:
- What Crypto Whales are Buying Amid Geopolitical Tensions
- Whales And New Investors To Drive Ethereum Price’s Escape From Consolidation
- Ethereum whale stacks $39M despite ETH falling harder than Bitcoin
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
