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In the volatile world of cryptocurrency, XRP has recently entered a recovery phase but soon found itself under renewed selling pressure following a massive on-chain transfer on October 13. According to Whale Alert data, 23,880,253 XRP, equating to approximately $62.6 million, was transferred from an unknown wallet to the Binance exchange. Such large transactions often indicate whales are preparing to sell, negatively impacting market sentiment. The price of XRP had fallen around $2.50 following a significant market crash on October 10.
XRP’s Technical Outlook and Analyst Commentary
Amid increasing speculation of a potential sell-off, investors are concerned about losing the $2.50 support level. An analysis based on Finbold’s OpenAI ChatGPT model suggests that if selling pressure intensifies, XRP may fall to the $2.40–$2.45 range and could dip to $2.20 if heavy selling persists. Pseudonymous analyst Mikybull maintains that XRP still holds one of the strongest technical structures in the crypto market. According to the analyst, XRP is consolidating around the 1.272 Fibonacci level at approximately $2.34 on the monthly chart, a significant threshold that could propel the price to $6.26 and potentially $21.7 in the long term if broken. Furthermore, the breaking and retesting of a long-term downtrend around $1.38 indicates the formation of a strong support base.
Currently, XRP trades at $2.58, having risen by 7% in the past 24 hours but experiencing a 14% decline over the week. The token’s future hinges on whether the overall market recovery following the sharp sell-off on October 10 continues. If recovery trends persist, it may counterbalance the whale-induced selling pressure.
Broader Market Concerns
Signals of potential selling in XRP have also surfaced in other cryptocurrencies where whale movements have increased recently. Last week, over $50 million worth of Ethereum 
$3,430 was transferred, briefly pushing its price below $4,400. Experts emphasize that major investors engaging in profit-taking during this period have disrupted the market’s short-term balance.
In summary, XRP’s future depends not only on technical indicators but also on market psychology. Actions by large investors, particularly during low-volume periods, exacerbate price volatility. Despite this, XRP’s long-term potential continues to show positive signs from a technical perspective. However, on the path to reaching the $3 resistance, short-term decisions by whales appear to be a significant hurdle.
