Ripple’s cryptocurrency, XRP, has been trading near $2.05 recently. There’s been a lot of activity from big investors, sometimes called ‘whales,’ raising questions about whether the price will go up or down. During the past week, quite a few major holders sold off large amounts of XRP, creating pressure on its price.
Whale Activity and Price Impact
Ali Martinez, a market analyst, shared that these big investors (whales) sold 280 million XRP over the last week. To explain, whales are people or groups who own large amounts of cryptocurrency, often able to influence its market. A report also revealed that even more XRP was sold—over 500 million tokens worth around $1 billion—during the same time.
As whales continued selling, XRP’s value dropped. Its price went down from being above $3 earlier to now slightly above $2. On top of this, the amount of XRP available on trading platforms (called exchange supply) decreased. Around 1.35 billion tokens were withdrawn by users over two months, leaving only 2.6 billion available.
There’s also interesting news from South Korea. Upbit, a major cryptocurrency exchange there, has seen an increase in XRP withdrawals, which hasn’t happened since 2023. Some experts believe this could signal new interest in Ripple’s XRP within Korean markets.
XRP’s Current Support Level
Right now, XRP is holding steady near the $2 support level. A support level means a price point where many investors start buying, helping hold the value from falling further. Market watcher CryptoWZRD shared that if XRP stays above $2.1, it could increase further in value.
Over the last day, XRP’s price stayed in a tight range between $1.99 and $2.05, showing little movement. But if more people start buying or selling at certain points, this range could change.
Looking at past patterns can help predict future prices. One chart compares XRP’s current price trend to what happened back in 2017. Back then, XRP experienced a similar drop and recovery called an ABC correction. (A correction refers to a temporary price drop after it got too high.) In 2017, this led to a major price increase. If history repeats itself, XRP could potentially rise all the way to $28.
Other XRP Developments
XRP isn’t just about price—new projects are being built around it. For example, there’s progress on an ETF (Exchange-Traded Fund) for XRP. An ETF is like a basket of assets people can invest in—it simplifies trading. The U.S. might soon approve one called TOXR, which could become the fifth product like this for XRP in the country.
Another big update involves DeFi (Decentralized Finance). DeFi is a way to offer financial services directly to users through blockchain technology, cutting out banks or other middlemen. A company called Hex Trust is creating ‘wrapped XRP’ (wXRP). Wrapped tokens like wXRP allow XRP to be used across different platforms and blockchains, making trading easier without extra tools. This could expand the ways people use XRP beyond its original design.
As Ripple keeps growing and whales continue to shift their holdings, it’ll be interesting to see where XRP’s price goes next.