XRP (XRP) Price: Whale Exodus Triggers $800M Sell-Off as Support Wavers

TLDR

Table of Contents

Ripple whales have sold approximately $800 million worth of XRP since early April
XRP price has fallen below $2.10, testing the $2.00 support level
Exchange inflows have surged to 55.6 million XRP, suggesting increased selling pressure
$5.1 million in long positions were liquidated in the past 24 hours
Potential XRP spot ETF approval remains a key factor for future price movement, with May 22 as an important date

XRP, the cryptocurrency associated with Ripple, is experiencing downward pressure as significant holders have sold approximately $800 million worth of tokens since early April. The digital asset is currently trading at $2.08, testing the crucial $2.00 support level amid broader market volatility.

According to data analyst Ali Martínez, Ripple whales have disposed of more than 370 million XRP tokens in recent weeks. This selling pattern began in late March and has continued with few exceptions, coinciding with important developments in the Ripple ecosystem.

Whales have sold over 370 million $XRP since the start of the month! pic.twitter.com/KXiCjGHmBM
— Ali (@ali_charts) April 15, 2025

Exchange inflows for XRP have more than doubled from 28 million on April 8 to 55.6 million as of Wednesday, according to CryptoQuant. This surge in deposits typically signals potential selling pressure, as investors move their assets to trading platforms in preparation for sales.

The timing of these whale sell-offs raises questions among market observers. The sales began shortly after Ripple CEO Brad Garlinghouse announced that the lawsuit between his company and the U.S. Securities and Exchange Commission (SEC) had effectively ended after both parties dropped their latest appeals.

Market Reaction and Technical Analysis

While industry experts believe the SEC lawsuit conclusion has already been priced into XRP’s value, the recent behavior by whales supports the narrative that gains came from anticipation rather than the actual resolution—a classic “buy the rumor, sell the news” scenario.

The cryptocurrency reached a peak of $3.40 after the U.S. elections, when whales were on an accumulation spree that pushed their holdings to a six-year high. However, the landscape changed as these large holders began offloading substantial portions of their XRP.

Liquidation data from Coinglass reveals $5.1 million wiped out in long positions compared to $1.25 million in short positions in the last 24 hours. A negative long-to-short ratio of 0.938 suggests investors prefer reducing exposure to XRP, possibly expecting further price declines.

The token is now hovering around $2.08, with bulls struggling to break resistance at $2.24, formed by the 50-day and 100-day Exponential Moving Averages (EMAs). If XRP loses the immediate $2.00 support, losses could extend to the 200-day EMA at $1.95 and potentially to $1.61, a level tested last week.

Broader Market Context and Future Outlook

XRP’s price movement comes amid broader market volatility affecting major cryptocurrencies including Bitcoin and Ethereum. Trade tensions between the United States and China appear to be a contributing factor, especially after President Trump’s administration banned exports of H20 chips to China—a move expected to impact NVIDIA’s financial performance.

The U.S. stock market has also resumed correction after a week of sustained gains, with S&P futures falling by 0.85%, Dow futures by 0.33%, and Nasdaq futures by 1.42%.

Looking ahead, the potential approval of XRP ETF applications remains a key factor likely to shape the token’s price trend in 2025. According to Kaiko Research, “May 22 is an important date to watch in light of the recent ETF approval of a 2x XRP ETF from Teucrium, as the SEC must respond to Grayscale’s XRP spot filing by then.”

Kaiko’s report suggests that XRP ETFs have better approval prospects than Solana ETFs, thanks to XRP’s improved market depth since late 2024. However, investors should temper expectations considering that soon-to-be-sworn-in SEC Chair Paul Atkins might delay the process as he acclimates to his new role.

Despite the current drawdown, technical indicators show mixed signals. The Moving Average Convergence Divergence (MACD) indicator maintains a buy signal, reinforced by green histograms. Meanwhile, the Relative Strength Index (RSI) could signal XRP’s direction, with movement above the descending trend affirming bullish sentiment or movement toward the oversold region suggesting a bearish flip.

For now, market participants will be closely watching whether XRP bulls can defend the critical $2.00 support level in the coming days.

Stay Ahead of the Market with Benzinga Pro!

Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders: