Whales Dump 500K $XRP in 48 Hours, Panic Selling Ahead?

Key Insights

• •
  Whale wallets have shed approximately 500,000 XRP as the price falls below key resistance levels and momentum turns bearish.
• •
  Exchange inflows totaling 22 million XRP suggest a potential broader sell-off beyond initial whale movements.
• •
  XRP is approaching a critical support level around $2.00, remaining within a long-term accumulation range.

Over the last two days, addresses holding between 1 million and 10 million XRP have reduced their positions by around 500,000 tokens. This shift, reported by analyst Ali Martinez, adds to a steady decrease in whale-held supply that has been taking place since late September. The movement of funds from whale wallets may be influencing broader market behavior, especially with price reacting during the same window.

Price Drops Below Key Levels

XRP was trading around $2.30. While the token saw a brief bounce of 5% in the past 24 hours, it remains down over 8% for the week. Price recently failed to reclaim the $2.55 to $2.60 range, a level that now acts as firm resistance. Price structure shows continued weakness, with a pattern of lower highs and lower lows. After repeated rejections at $2.40, the asset is drifting toward a previously tested support area. Traders are watching the $2.00 level closely, as price movement below this point could extend losses.

Exchange Inflows Spike as Price Falls

Data from CryptoQuant shows large inflows of XRP to Binance between November 4 and November 8. On November 4, over 10 million XRP moved onto the exchange. Just four days later, another 12 million XRP followed. These exchange inflows often suggest preparation to sell. During this period, XRP fell from $2.52 to $2.31. The size of the inflows suggests that recent selling may go beyond the 500,000 XRP initially reported. The movement of larger amounts supports the case for widespread distribution by bigger holders.

$2.00 Remains a Key Support Area

Charts show XRP trading within a wide range, with vertical accumulation support near $2.00 and resistance around $3.10 to $3.70. Recent price action shows a retest of the $2.00 level, which is also the midpoint of a Gaussian regression band used by technical traders. ChartNerdTA commented that “a base above $2.00 and a break of descending resistance” is needed to reverse the current trend. Until then, the asset remains inside a sideways structure. If $2.00 fails to hold, traders are watching for price to test the $1.90 zone next.