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- Whales sold 440M XRP worth $1.3B in the past month.
- SEC delays on six spot ETFs weigh on investor confidence.
- XRP defends $2.80 but risks deeper losses without ETF approval.
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XRP whales are unloading massive amounts of tokens just as the market anticipates a potential spot XRP ETF approval. On-chain data from Santiment shows that holders with 1 million to 10 million XRP have sold roughly 440 million XRP, worth over $1.3 billion, in the past month. The heavy liquidation has pushed XRP’s price below $2.85, marking renewed selling pressure in the market.
Analyst Ali Martinez highlighted that whale sentiment has turned sharply negative since September, even as institutional inflows into XRP products continue to rise. The divergence suggests that while professional funds remain cautiously optimistic, major holders are positioning for further downside.
ETF Delays Fuel Uncertainty and Market Caution
The U.S. SEC’s repeated delays on six pending spot XRP ETFs, with decisions expected between October 18 and 25, have added to the uncertainty. Grayscale’s application has the earliest deadline, but the broader market remains skeptical about timely approval amid ongoing regulatory gridlock.
A U.S. government shutdown scare and muted retail participation have further weakened confidence. According to data from CoinGape and CryptoQuant, whale flow remains negative, signaling continued distribution rather than accumulation.
Technical Outlook: XRP Defends $2.80 Amid Selling Pressure
On the charts, XRP is trading within a falling wedge pattern, with resistance near $3 and support around $2.80. Traders are watching the $2.80 level closely — a break below could trigger a deeper correction, while a breakout above $3 could pave the way toward $4.
However, moving averages point to near-term weakness. The 50-MA recently crossed below the 100-MA, confirming a bearish structure. Derivatives data from CoinGlass also shows declining open interest, down 0.47% to $8.45 billion, indicating traders are trimming positions rather than adding exposure.
Outlook: Whales Stay Bearish, Retail Awaits Catalyst
Despite institutional accumulation and rising ETF speculation, XRP whales remain on the defensive. Until clear regulatory signals or ETF approvals emerge, XRP may continue trading sideways or slightly lower. A decisive move could follow only if ETFs are approved — reigniting optimism across Ripple’s ecosystem.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: GraniteShares Files 3x Leveraged XRP ETF Amid Market Drop and SEC Approval Delays
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