XRP’s attempt to sustain its ongoing recovery toward $3 is now in jeopardy, as its trajectory faces potential selling pressure following a massive on-chain transfer.
According to data from Whale Alert on October 13, a total of 23,880,253 XRP (worth approximately $62.64 million) was transferred from an unknown wallet to the Binance exchange.
Large transfers like this often indicate that whales may be preparing to sell, which can weigh on market sentiment and price stability.
The move comes as XRP trades around $2.50, following a sharp drop triggered by the broader market crash on October 10.
The sudden spike in exchange inflows raises caution that selling activity could increase in the near term, possibly leading to a loss of the $2.50 support.
To gauge short-term performance, Finbold turned to OpenAI’s ChatGPT model, which projected that if profit-taking intensified, XRP could retreat toward $2.40 and $2.45, and sustained selling might push it down to $2.20.
Conversely, if market demand absorbs the selling pressure, XRP could consolidate before attempting another move toward the $3 resistance.
XRP’s technical outlook
Meanwhile, pseudonymous analyst Mikybull noted that XRP is still displaying one of the most bullish setups in the crypto market as it consolidates below a key Fibonacci resistance after a strong multi-month rally.
On the monthly chart, XRP hovers near the 1.272 Fib level ($2.34), a potential breakout zone that could pave the way toward $6.26 and even $21.7 in the long term.
The chart also shows a bullish breakout from a multi-year downtrend, now retested as support around $1.38, suggesting a strong base.
If momentum continues, XRP could be on the verge of a parabolic move, with Fibonacci projections pointing to triple-digit upside potential from current levels.
XRP price analysis
At press time, XRP traded at $2.58, up 7% in the past 24 hours but still down 14% over the past week.
For now, the asset’s next move will likely depend on whether the broader crypto market maintains its recovery from the October 10 sell-off, a continuation of which could offset the recent whale-induced selling pressure.
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