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.

XRPUSD, H1 Chart, Source: TradingView
XRPUSD, H1 Chart, Source: TradingView

XRPUSD Shows Bearish Signal After Correction

The XRPUSD H1 chart shows that the price at 2.07000 experienced a bullish correction. However, it encountered resistance at 2.32300 and consolidated around this level for a while.

After forming an Evening Star pattern, the cryptocurrency has been heading towards the previous swing low. The bearish trendline on the H1 chart has been crucial in keeping the price down. Intraday buyers are likely to avoid going long as long as the trendline remains a resistance level.

Ripple Makes Key Partnerships and Social Contributions

Ripple has recently been involved in several key developments. The company partnered with Revolut and Zero Hash to expand the reach of its RLUSD stablecoin, positioning it as a competitor to USDT and USDC.

Additionally, Ripple collaborated with Chainlink to integrate RLUSD into Ethereum-based applications.

Investor activity has risen, with Ripple whales acquiring 520 million XRP during a price dip. In a related development, the SEC reassigned Jorge Tenreiro, who was involved in Ripple’s case, raising speculation about the agency’s future strategy on crypto litigation.

Ripple also partnered with the Digital Euro Association (DEA) to work on central bank digital currencies (CBDCs). Based in Frankfurt, the DEA focuses on research, education, and policy discussions related to digital currencies.

Further contributing to social causes, Ripple donated $100,000 in XRP to California wildfire relief efforts, supporting organizations such as World Central Kitchen and GiveDirectly.

Ripple also partnered with Portuguese currency exchange provider Unicâmbio to enable instant international payments between Portugal and Brazil using digital assets.

Source: Finance Magnates