XRP Dips 4% as Whales Sell 470M Tokens – Will It Hit $2.60? 🚀💸

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The Tale of the Tumbling Tokens

XRP lost 4% as whales sold 470 million tokens, with liquidation clusters below $2.60 signaling downside risk. Institutions leaned bearish, while Chainlink’s rising adoption by Swift and JP Morgan eroded XRP’s case. 🐋💸

The crypto markets slumped sharply in the last 24 hours, with the total market cap slipping to $3.84 trillion. However, the daily trading volume rose to $186 billion, an 8% increase. A number so large, it’s like counting the number of grains of sand on a beach… but with more confusion. 🧠

Ripple [XRP], the third largest by capitalization, fell 4% and risked deeper losses if broader markets failed to rebound. A bit like a toddler having a tantrum and hoping the universe will fix it. 😢

Let’s unpack the signals behind XRP’s ongoing weakness. Or, as I like to call it, “The Great Token Exodus.” 🧙‍♂️

XRP Faces Massive Whale Exodus

Per data from analyst Ali Martinez on X (formerly Twitter), big players were heavily dumping XRP tokens. It’s like a synchronized swim in the direction of the exit. 🐋

Over the last ten days, they liquidated more than 470 million XRP as the price hovered around $3. A whale’s entire savings account, perhaps? 💸

The raid unloading came on the back of a broader market drop seen also in Bitcoin [BTC]. Notably, selling pressure stretched back to late July when XRP traded near $3.50. A time so distant, it feels like ancient history. 🕰️

The total exits during this stretch reached almost 1 billion tokens. As whales exited, price action mirrored the sell-off. Like a sad trombone at a party. 🎺

XRP Selling Pressure Intensifies

The price action of XRP/USDT has been in a free fall since the $3.50 high. The altcoin has been making a series of lower highs and lows, a signal for bear strength. Or, as I call it, “The Descent into the Abyss.” 🌌

The MACD confirmed building seller momentum, fueled by new shorts across derivatives markets. A market so bearish, even the ghosts of crypto pioneers are whispering, “This is bad.” 👻

Coinbase’s addition of perpetual futures for XRP and Solana [SOL] also drew in fresh U.S. short sellers, according to CEO Brian Armstrong. A move so bold, it’s like inviting a hurricane to your picnic. 🌩️

Speaking of derivatives markets, the chart from Trading Different’s heatmap heightened the chances of a further drop. XRP was declining as it liquidated more longs below the price. A true “I told you so” moment. 🤷‍♂️

Per CoinGlass data, high-leverage shorts (50x-100x) clustered between $3.05 and $2.85, accelerating XRP’s fall. A rollercoaster with no safety harness. 🎢

The largest liquidation pockets were stacked below $2.60, stretching toward $2 and even $1.80. In contrast, short positions clustered between $3.40 and $4.20. A market so divided, it’s like a debate between two toddlers. 🍼

Still, the bearish tone lingered. Because nothing says “optimism” like a 4% drop and a $2.60 target. 🤔

Institutional Appeal Fades

Crowd and Smart Money sentiment jointly skewed negative, per Market Prophit. Institutional sentiment hit -5 versus retail’s -1.61, signaling strong bearish bias among larger players. A group of investors so pessimistic, they’ve started betting against their own shadow. 🕳️

Still, XRP was losing its institutional appeal to Chainlink [LINK] as per Zach Rynes. A bit like a kid losing their favorite toy to a newer, shinier one. 🧸

In an X interview, Chainlink advocate Zach Rynes noted that Swift and JP Morgan had opted for LINK, not XRP. A move so bold, it’s like choosing a steak over a sandwich. 🥩

Affirming this, Zach Rynes said,

“XRP’s core product just has not seen meaningful traction with institutions. Chainlink looks just the clear winner in that regard.”

And there you have it. The market’s equivalent of a toddler having a tantrum, but with more spreadsheets. 📊

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2025-08-20 19:13