Heavy Selling Dampens XRP Momentum Despite Prior Rebound From Support Zone
XRP (XRP/USDT) has slipped below the $2.60 mark, losing upward momentum after an early-week rebound. The pullback follows reports of whale transactions totaling over $63 million being transferred to Binance, sparking renewed selling pressure and triggering a sharp reaction across the market.
At the time of writing, XRP trades near $2.46, down more than 5% in the past 24 hours. Technical data shows that the altcoin rejected from a key resistance zone between $2.60 and $2.80, an area that previously acted as a strong support in September.
The latest sell-off coincides with on-chain data highlighting a massive transfer of XRP tokens from multiple whale wallets to centralized exchanges — primarily Binance. This pattern typically signals distribution phases, where large holders take profits following extended rallies.
According to BITX senior analysts, “The $2.60 area was a critical inflection point for XRP. The combination of heavy whale selling and weakening volume confirmed a temporary top. Unless buying pressure returns soon, the token could retest lower supports near $2.20.”
Technical Structure and Support Levels
The daily chart reveals that XRP bounced sharply from the $1.20–$1.30 demand zone earlier this month, rallying nearly 388% before meeting resistance. This bounce was reinforced by a breakout from a prolonged descending channel pattern — but momentum has since cooled.
Currently, immediate support stands near $2.30, aligned with the midrange of the previous accumulation zone (highlighted in green). Below that, the $1.80 region remains a crucial long-term support, coinciding with significant volume buildup.
Despite the correction, market analysts maintain that XRP’s long-term technical outlook remains constructive — provided it holds above $2.20.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.