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XRP whales dump $50M per day: Will it crash the price?

XRP whales are significantly impacting the market by offloading $50 million in XRP daily, causing concerns about a potential price drop to $2.20. The XRP price has recently fallen below $3, with the selling pressure from large holders contributing to a technical structure that shows vulnerabilities. Whale activity has coincided with an increase in XRP supply on exchanges, indicating a possible impending sell-off. Analysts suggest this heightened selling pressure raises the risk of a sharp market correction. Technical analysis by veteran trader Peter Brandt also identifies a descending triangle pattern, suggesting further downside if XRP breaks below the $2.75 support level. Expectations for an XRP ETF approval by the SEC by mid-October could shift market dynamics, yet some believe this might lead to a 'sell-the-news' scenario.

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