Ripple’s XRP was trading around $2.62 recently, recovering from a low of $2.34 over the past week, showing an 8% increase on the week according to CoinGecko. However, market analysts suggest that significant selling from major holders—specifically wallets containing 1 million to 10 million XRP—has led to the sale of over 140 million tokens as prices have risen, casting doubt on the strength of the rally. Analyst Ali Martinez noted a consistent decline in large wallet balances coinciding with XRP’s upward movement, echoing patterns that often precede price corrections.

Key Insights

• Whales’ Selling Trend: $XRP has increased by 13% in the recent days yet includes significant sell-offs from whales, demonstrated by a tweet by Ali on October 28, which illustrated concerns over market movements.
• Technical Signals: The TD Sequential indicator is signaling a potential sell-off on XRP’s daily chart. Previous instances have correlated this indication with price reversals.

Price Resistance

XRP is nearing the upper Bollinger Band around $2.69; with current momentum showing signs of weakness, if the price does not sustain this range, there may be a chance of retreat. Moreover, analysts have flagged $2.53 as a cautionary support level that should be monitored closely.

“XRP is testing the resistance at $2.69, and a break below $2.53 could signal more significant drops ahead.”

Recent analyses published by CryptoPotato reinforce the necessity of caution as XRP continues to hover near critical resistance barriers.