510,000,000 XRP Dumped by Whales Last Week: Good or Bad News for Ripple Prices?

In the past week, large XRP wallets moved 510 million tokens, drawing attention across the crypto market. Data shows declining whale holdings and potential chart patterns forming, suggesting the market may be preparing for a major move.

Whale Activity Pressures Price

According to analyst Ali Martinez, wallets holding between 1 million and 10 million XRP reduced their holdings sharply between September and early December. These wallets went from holding over 6.5 billion XRP in September to around 3.84 billion (by December 7).

XRP’s price also declined over the same period. The price action follows steady selling pressure from large and short-term traders. An estimated 140 million XRP were also moved or sold recently by large wallets, as previously reported.

Triangle Pattern Nearing Break

A symmetrical triangle pattern has formed on the 1-hour XRP/USDT chart, with the price moving between $2.34 and $1.99 since late November. As of press time, XRP is trading near $2.05 and approaching the end of the triangle. Martinez expects a breakout to occur.

A move outside the pattern could lead to a 16% price shift. If XRP breaks to the upside, the next level to watch is around $2.38 to $2.40. A drop from current levels could bring the price down toward $1.72 to $1.75.

Meanwhile, CryptoWZRD shared a technical view of XRP showing support near $2.00. The analyst stated:

On lower timeframes, $2.1 is a resistance level. If price holds above this level, a move toward $2.27 becomes possible. If it drops below $1.97, the setup turns bearish for short-term trades.

Daily price action remains indecisive. Weekly structure has shown slight weakness. XRP/BTC is forming a double bottom, which may support upward movement if confirmed.

Long-Term View Still Holds

Analyst EGRAG CRYPTO believes XRP is still following its long-term structure.

Current price action is still above the 21 EMA, suggesting the trend remains intact.

EGRAG views the market in a long-term bull flag pattern. They mark $20 as a target if the structure breaks upward, with higher zones near $35 and $200 based on their macro chart lines. They added: “Bull flags do not end quietly,” pointing to the possibility of a strong move after this phase of price compression.

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