Ripple whales triggered a significant disruption in the crypto market today (Wednesday), engaging in a massive selling spree amid a broader market crash. Data from crypto analyst Ali Martinez, revealed that in the last 96 hours, these whales offloaded a total of 370 million XRP coins. This massive sell-off caused the price of XRP to plummet by approximately 16% during the same period, CoinGape reported.

As of now, the H1 chart for XRPUSD shows a rejection at 2.32300, with the price moving downward with strong momentum.

XRP Price Drops amid Whale Sell-off

The data highlighted that the selling activity coincided with a price drop, as XRP moved from $2.5 to the $2.1 level. As a result, market participants are closely monitoring the situation, uncertain whether XRP could experience further price declines in the coming days due to continued selling pressure from whales.

The massive dumping has captured the attention of traders, who are now bracing for a possible prolonged downtrend. This bearish outlook is largely attributed to the heavy selling by whales, alongside broader market trends. Analysts warn that the combination of large-scale sell-offs and current market conditions could lead to further declines in XRP's value.

Market Volatility Escalates with Tariff Concerns

Currently, the cryptocurrency market is struggling with heightened volatility. This instability is being exacerbated by global macroeconomic factors, including liquidity setbacks and the imminent imposition of new US tariffs, which are set to take effect next week. The potential impact of these tariffs on global markets has added further uncertainty to an already unpredictable market environment.

As of writing, the H1 chart of XRPUSD had a rejection at 2.32300 and has been heading towards the downside with strong momentum.

Source: Finance Magnates