The XRP market has seen a significant sell-off, pushing its price down to $1.95 before recovering slightly to $2.40 at the time of writing. With open interest in futures dropping by 36%, and $123 million worth of liquidations in the past 24 hours, market pressure remains high.
Massive XRP Sell-Off by Whales
The crypto market has been volatile in recent days, with XRP surging to $3.13 before facing a sharp decline. This extreme price movement has been linked to large-scale sales by whale investors—those holding between 10 million and 100 million XRP.
According to Santiment, an on-chain analytics firm, these large holders have sold off 130 million XRP in just 24 hours. Crypto analyst Ali Martinez confirmed the liquidation on social media platform X/Twitter, suggesting that such a large-scale dump can create immense selling pressure and lead to increased market uncertainty.
Liquidation Wave Hits XRP Market
Whale activity has not only impacted the spot market but also the derivatives market. Data from Coinglass reveals that XRP’s open interest has dropped by 36.01%, falling to $3.81 billion. This decline indicates that traders are closing positions rather than opening new ones, highlighting an uncertain outlook for XRP.
Moreover, a staggering $123.23 million in XRP positions has been liquidated in the past day, with most of the losses stemming from long positions—investors betting on an XRP price increase. These traders collectively faced losses amounting to $98.61 million.
What’s Next for XRP?
Moving forward, investors should closely monitor whether whales re-enter the market, the trading volume in derivatives, and key support levels for XRP. If the market starts showing strong buy signals, a fresh bullish trend could emerge. However, given the ongoing uncertainty, caution is advised, and traders should remain prepared for further price swings.
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