In the last month, XRP whales have sold off 640 million tokens, valued at approximately $1.91 billion, indicating a potential risk of a 30% price drop. Onchain data from CryptoQuant shows that these large holders have been quietly distributing their tokens since July 9, primarily while XRP's price fluctuated between $2.28 and $3.54. This marks the second instance in a year where whales have sold during price increases. Despite some outflows possibly representing internal adjustments rather than actual sales, a concerning trend is evident. The recent whale activity suggests that significant investors tend to accumulate during market downturns. Analysts warn that XRP must maintain support above $2.65 to avoid a decline towards $2, especially given the bearish divergence between rising prices and declining momentum. The relative strength index (RSI) indicates weakening momentum, reminiscent of the April 2021 market peak. A breach below the $2.55 support could lead to further declines towards the 50-week EMA at $2.06. Read more AI-generated news on: https://app.chaingpt.org/news

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