XRP Whales Offload 70 Million Coins Amid Spot ETF Anticipation

Crypto whales have dumped large assets as corrections bite harder following macro shake-ups. Bitcoin (BTC) and altcoins, including Ethereum (ETH) and XRP, have faced massive sell pressure, dropping below bull’s resistance levels. XRP posted double-digit losses in 24 hours to wrap up a bearish week dominated by the red wave. The wider market lost 5.2% today, plunging total capitalization below $3.2 trillion.

XRP Whales Increase Sell Pressure

After days in the doldrums, XRP is set to face more headwinds following recent trading activity. Recent on-chain data shows whales dumped 70 million XRP, lowering investor sentiments. This comes on the heels of the previous dip that saw billions wiped off the major assets. Whale holdings control major price movements due to the size of holdings. Previously, XRP upticks have been ignited by massive whale accumulations.

The bearish sentiments sparked by price dips commenced with retail investors moving out before heavy whale outflows were recorded. At press time, XRP price exchanged hands at $2.67, a 4.91% drop in the last 24 hours with similar weekly figures. Positive trading activity also declined, stalling institutional inflows in the past seven days.

XRP’s decline was sparked by several factors not limited to whale movements, altcoin retractions, macro sentiments, and John Deaton’s mixed comments. In recent months, XRP gained ground on macro sentiments, flipping green after the United States Presidential elections and spot ETF applications.

Crypto analyst Ali Martinez also flagged massive DOGE coin sales as meme coins crumble. Whales dumped 270 million DOGE alongside other top meme coins.

John Deaton’s Comment Weaken Traders’ Sentiments

Pro-XRP lawyer John Deaton projected a price surge before a correction leading to weakened momentum. Speaking on the Thinking Crypto Podcast, he explained the “greed of Wall Street” and the chances of an approval. According to him, the success of Bitcoin products was a huge factor for institutional investors backing altcoin products. This will lead to a price climb before a correction.

“One thing we can count on is the greed of Wall Street, the Bitcoin spot ETF is the most successful ETF in the history of the world. When Wall Street says wow, look at all that money made on Bitcoin, we can redo that for ETH, XRP… XRP is the third largest crypto asset, I believe there’s a really good chance that it flips Ethereum. I think it flips it around $8 or $7. That’s likely to happen before it crashes again.”