XRP is facing renewed selling pressure after on-chain data revealed that whales have been on a major selling spree over the past two weeks.

In this case, large holders offloaded about 200 million XRP tokens during this period, according to on-chain data from Santiment shared on September 17. 

The data shows a steady decline in whale holdings, suggesting that major investors are reducing exposure. Historically, such large sell-offs have acted as bearish signals for XRP, often weighing on market confidence and adding downward pressure on prices.

Despite the selling, XRP has managed to hold support above $3, a level now seen as a critical threshold for short-term momentum. As of press time, the token was valued at $$3.02, having dropped by about 0.5% in the last 24 hours. 

A sustained break below $3 could open the door to declines toward $2.70, the next strong support zone. Conversely, if XRP absorbs the selling pressure and demand rebounds, the token could retest resistance around $3.30, with a potential extension to $3.60 if bullish momentum accelerates.

Impact of XRP ETF 

Any price dips from whale selling, however, could be offset by the launch of a spot XRP ETF. In this line, the U.S. is set to welcome its first spot XRP ETF this week as regulators continue opening the door to crypto investment products. 

Fund issuer REX-Osprey confirmed on Monday that the REX-Osprey XRP ETF will begin trading on Friday, pending no unexpected delays.

Structured under the Investment Company Act of 1940, the ETF cleared the Securities Exchange Commission’s 75-day review window without objection, allowing it to launch automatically.

Analysts expect the listing to influence XRP’s price, with the token already attracting strong institutional interest through futures-based ETFs, which are nearing $1 billion in assets.

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