- Over 710 million XRP tokens were moved from whale wallets to exchanges, triggering heavy selling pressure across spot and derivatives markets.
- Long positions worth more than $41 million were liquidated as XRP dropped below $3.00 before rebounding near key support at $2.78.
- XRP is now testing the $2.77–$2.57 support zone, with the 50-day EMA and Fibonacci levels aligning as crucial indicators for price direction.
XRP has faced intense sell pressure in the past 24 hours after whales offloaded over 710 million tokens, sending the market into a sharp pullback.
Whale Dump Sparks Market Shock
Ali _chart posted on X that XRP whales sold more than 710 million tokens in just one day. On-chain data showed significant transfers of funds going into centralized exchanges, which usually leads to steep price drops. This massive move created a wave of fear in the market.
At the same time, XRP long positions worth over $41 million were liquidated in the derivatives market. The liquidation spike came as the token dropped sharply from its recent high, signaling aggressive market repositioning. The dual hit — spot selling and derivatives pressure — added to XRP’s rapid decline.
XRP Tests Key Technical Zone at $2.78
The sell-off pushed XRP below the $3.00 mark before briefly recovering. The daily chart shows a steep drop from the recent $3.66 peak, with the price now testing the 0.5 Fibonacci retracement level at $2.78. This area is viewed as a major battleground between bulls and bears.
Source: TradingView
The 50-day EMA also aligns closely with the $2.77 zone, creating a confluence of technical support. However, volume has surged alongside price decline—a classic sign of strong selling momentum. A close below this zone could invite deeper losses.
Despite the drop, if XRP holds above $2.77, bulls may find a base to attempt recovery in the short term.
Bulls Eye Bounce, Bears Watch $2.57 Breakdown
The $2.77-$2.57 range continues to be a make-or-break zone for XRP. A drop below this range would lead the token to further downside, with $2.28 the next likely support. This support is also the 0.786 Fibonacci retracement area, which is an area in deeper corrections that is a commonly sought target.
For now, it’s up to the bulls to defend this range area. This is likely indicating that the market recognizes the limited upside potential and whether there will be a bounce or further decline in the next trading sessions.
