XRP has continued to spark fears among investors as whales increasingly dump their tokens amid ongoing market uncertainty. On Friday, October 17, on-chain tracking platform Whale Alert shared data showing over 106 million XRP being transferred in a move that appears to be an attempt to sell.
The tracker spotted two large, consecutive transactions—53,399,340 XRP and 53,356,907 XRP—moved between unknown wallets and Coinbase. While both transfers are collectively worth over $242 million, commentators suggest that whales may be strategically offloading their holdings to hedge against further losses.
Although the exact nature of these transactions was not disclosed, they signal mounting sell pressure, which could weigh heavily on XRP’s price performance and potentially trigger deeper corrections. Some commentators speculate that one of the transfers might be an OTC (over-the-counter) transaction occurring outside of a crypto exchange. However, many others remain skeptical, believing that both transfers were influenced by prevailing negative market sentiment.
**XRP to Retest $1?**
The XRP market structure appears increasingly weak and on the verge of a possible collapse. There are few, if any, support levels left between current prices and the psychological threshold of $1.00. This suggests that XRP could retest the $1 level in the near term if market momentum fails to turn bullish soon.
Beyond the rising selling activity, whales continue to liquidate large positions, putting overall liquidity under significant pressure. Despite these consistent price declines, analysts remain optimistic about XRP’s long-term prospects.
**Why Analysts Stay Bullish on XRP**
Analysts attribute this optimism to Ripple’s recent developments, which provide reasons for investors to stay bullish despite the distressed market conditions. Ripple is aggressively expanding its global presence through major initiatives such as the launch of its RLUSD stablecoin in Africa and a custody partnership with Absa Bank.
These developments strengthen XRP’s utility in cross-border payments and are expected to increase demand for the asset. As a result, these initiatives are anticipated to support a longer-term recovery for XRP, even amid the ongoing market bloodbath.
https://u.today/242-million-in-xrp-dumped-as-selling-pressure-builds
