Ripple’s native token XRP is entering troubled waters as its price is heading deep south in the charts. Whales have dumped 200 million tokens worth a staggering $450 million during the weekend. This led to a drastic drop in price, raising fears that it could plummet below the $2 mark. It is down close to 9% in a week and is attracting heavy bearish sentiments in November.
The sell-off comes even after the first XRP ETF by Canary Capital made its debut on Thursday. It recorded $58 million in volume and was considered the best launch of the year. However, the influx of funds has dipped and is trailing by more than $20 million on Monday.
Also Read: How Soon Can XRP Double Your Money?
The whale dumping comes on the heels of Franklin Templeton’s next XRP ETF approval. The SEC is most likely to give a nod on Tuesday, and this is expected to break Canary Capital’s first-day record. Despite the developments, the rich-list is considering jumping ship on the leading altcoin.
Will Whales Buy the Dips on XRP?
Banter on social media is ripe that whales unloaded XRP after booking profits on the leading altcoin. As prices head south, a re-entry at a lower level allows them to accumulate more and gain further profits when prices head north. Also, the sell-off is not limited to Ripple’s native token only; even Bitcoin is facing similar headwinds.
Also Read: Panic Selling XRP Today? Read This Before You Exit
Bitcoin is down more than 10% in a week and fell to a low of $93,000 early Monday. It briefly recovered in value and is now hovering at the $95,000 range. The entire cryptocurrency market remains under pressure, with Ethereum close to falling to the $2,900 mark. The broader cryptocurrency market downturn has also affected the prospects of XRP. At press time, the altcoin was trading at $2.25 and remains under the bearish grips.