XRP News: Why Whales Sold 440M Coins in a Month Despite ETF Launch Buzz

Varinder Singh
3 hours ago
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
XRP News: Why Whales Sold 440M Coins in a Month Despite ETF Launch Buzz

Highlights

  • Whales sell 440 million Ripple coins in a month was the major XRP news today.
  • XRP ETF anticipation fails to boost whale accumulation, CryptoQuant data confirmed.
  • Whale Order and Large Trades data on the K-line chart indicated massive sell orders.
  • XRP price fell over 2% as traders lean toward the downside.

In a major XRP news today, whales are betting against XRP ETF launch anticipation and gradually liquidating their holdings. On-chain data confirms 440 million XRP were dumped by whales in the last 30 days, causing the price to slump below $2.85 again in the last 24 hours.

Today’s Big XRP News: Whales Dump 440 Million Ripple Coins

Whales holding 1 million to 10 million XRP have apparently sold 440 million coins in a month, according to Santiment data shared by Ali Martinez on October 9. Whales have liquidated their holdings worth over $1.3 billion in the last few weeks, maintaining their negative sentiment.

Whales XRP Coin Transfers
XRP Coin Transfers by Whales. Source: Santiment

The U.S. government shutdown raised uncertainty further after the SEC kept delaying its decision. Notably, six spot XRP ETF decisions are due between October 18 and 25, with Grayscale’s ETF having the earliest deadline.

While the Crypto Funds Flow data by CoinShares revealed institutions are buying more XRP amid ETF anticipation, whales defy the sentiment. As CoinGape reported, CryptoQuant’s XRP Whale Flow 30-DMA data signals that whale flow is still negative amid renewed distribution pressure.

Why Whales Are Selling Coins as ETF Launch Nears?

Amid the retail FUD, profit booking by Ripple co-founder Chris Larsen in July and the delay in spot ETFs approval are the primary factors behind a lack of support from whales.

Meanwhile, Whale Order and Large Trades data on the K-line chart indicated massive sell orders above $3 across every spot and perpetual pairs at Binance, Coinbase, and OKX.

Also, whales have now opened short positions between $2.90 and $2.96. Whales and large trades are around $2.80, which coincides with the UTXO Realized Price Distribution level. This indicates holders are defending a drop below the level.

K-Line Chart on Whale Order and Large Trades
K-Line Chart on Whale Order and Large Trades. Source: Coinglass

XRP News: Price Moving Range-Bound

XRP price is moving sideways within a falling wedge pattern in the daily timeframe, with analysts suggesting a breakout could bring a structural shift to trigger a quick rally towards $4. Lark Davis said Ripple’s coin “keeps getting smashed down on attempts to break the descending resistance line.”

However, a break below $2.80 could result in a major slump as traders brace for further pullback. Notably, the 50-MA crossed below the 100-MA amid the muted price action in Ripple coin.

XRP Price Chart in Daily Timeframe
XRP Price Chart in Daily Timeframe. Source: TradingView

XRP price fell over 2% in the past 24 hours, with the price currently trading at $2.82. The 24-hour low and high were $2.82 and $2.92, respectively. Trading volume dropped further by 36% in the last 24 hours, indicating traders leaning towards the downside.

Derivatives markets showed mixed sentiment, according to CoinGlass data. At the time of writing, the total XRP futures open interest dropped 0.47% to $8.45 billion in the last 24 hours.

However, XRP futures OI on CME climbed more than 3% and dropped 1% on Binance. An XRP ETF approval could only help bring a rebound.

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder is a seasoned leader in the fintech and crypto media with over 12 years of experience, including over 6 years dedicated to blockchain, crypto, and Web3 developments. He is known for covering high-impact and quality news stories for publishers such as CoinGape, The Coin Republic, and The Crypto Times, while perfecting and training multiple journalists during his tenure. Being a Master of Technology degree holder, analytics thinker, and tech enthusiast, he has shared his knowledge of disruptive technologies in over 5000 news articles and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.