XRP has experienced significant whale activity following two massive transactions totaling over $812.6 million within a day.
Data shows that 135.54 million XRP worth $397.03 million was moved from an unknown wallet to another, followed by a transfer of 141.81 million XRP valued at $415.62 million, also between unidentified addresses, according to on-chain data retrieved by Finbold from Whale Alert on September 22.
The large-scale movements come at a time when XRP is facing renewed selling pressure in line with the broader cryptocurrency market.
At press time, the token was trading at $2.82, down 6.27% in the last 24 hours. Over the past week, XRP has dropped 7.23%, while its market cap slipped to $168.3 billion after shedding $11.2 billion in a single day.
Currently, XRP is trading below its 50-day simple moving average (SMA) of $3 but above the longer-term 200-day SMA of $2.56, reflecting mixed momentum with short-term weakness against a relatively stronger long-term trend.
The 14-day RSI stands at 49.61, a neutral zone indicating neither overbought nor oversold conditions. This setup suggests consolidation, with potential support around $2.56 and resistance near $3.
The whale transactions point to heightened activity among large holders, often a precursor to major market shifts. Historically, transfers of this magnitude have coincided with either accumulation phases or preparations for large-scale sell-offs.
XRP’s key support to watch
Meanwhile, cryptocurrency analyst Ali Martinez highlighted key XRP price levels to watch. In an X post on September 17, he projected that XRP could find support at $2.78, a level that has previously served as a strong demand zone.
Should sellers maintain control, testing $2.78 remains a possibility, and a rebound from this level could spark renewed buying pressure and push XRP back toward $3, while a breakdown below would likely confirm further downside risk.
Notably, XRP’s selling pressure persists despite some bullish developments, such as the launch of the first exchange-traded fund (ETF) in the United States through the REX-Osprey XRPR ETF. Despite its impressive debut, the fund has so far failed to spark meaningful upward price momentum.
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