Key Insights
- Whales offloaded 470M XRP in 10 days, driving prices below $3 and weakening market structure.
- Despite losses, 93% of XRP supply remains profitable, raising questions of potential profit-taking pressure.
- XRP eyes $2.78 support as RSI weakens, while traders await Powell’s Jackson Hole speech.
Whales holding between 10 million and 100 million XRP tokens have reduced their positions by around 470 million coins in the past 10 days, according to data shared by analyst Ali Martinez. “470 million $XRP sold by whales in the last 10 days!” he noted, pointing to a sharp drop in large-wallet balances.
During this period, XRP has fallen to $2.88, with a 24-hour trading volume of $5.79 billion. The token is down 45% in the last 24 hours and 11% over the past week. The decline in whale holdings appears to coincide with price weakness, as XRP struggled to hold above $3.20 and slipped below the $3.00 mark.
Profitable Supply Raises Questions of Profit-Taking
Despite the recent decline, more than 93% of XRP’s circulating supply remains in profit, according to Santiment data. Since mid-July, holders have enjoyed an average profit margin above 90%, and the metric has not dropped below 80% since last November, when XRP rallied after President Trump’s election victory.
The prolonged high profitability follows the conclusion of Ripple’s legal battle with the US. Securities and Exchange Commission (SEC) and positive regulatory developments under the Trump administration. With most of the supply still in profit, analysts suggest that heavy profit-taking could emerge if the market experiences further bearish shocks.
Technical Outlook Weakens
XRP fell below several key technical levels in the past 24 hours. The token moved under the lower boundary of a symmetrical triangle pattern, the $2.95 support, and the 50-day Simple Moving Average (SMA). Failure to reclaim the 50-day SMA could bring the next support levels at $2.78 and $2.60 into play.
Momentum indicators also point to weakness. The Relative Strength Index (RSI) has dropped below its neutral level, showing bearish momentum. The Stochastic Oscillator has entered oversold territory, which may indicate continued selling pressure but also raises the chance of a short-term pullback.
Market Watch Ahead of Powell’s Speech
Market participants are also looking ahead to Federal Reserve Chair Jerome Powell’s speech at Jackson Hole on Friday. With XRP holders sitting on strong profit margins, analysts are questioning how investors may react to broader market signals. “There’s a risk that extended profit levels could trigger heavier selling if sentiment worsens,” one trader commented.
For now, XRP’s ability to hold $2.78 support will be key. A break below could deepen losses toward $2.60, while a recovery above $2.95 may give bulls room to attempt a rebound.
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