XRP, Whales are Escaping... But ETF Buying is 'Solid'

▲ XRP/ChatGPT generated image

XRP is facing an 18% plunge as long-term holders accelerate their exodus. Spot ETF buying is slowing down the decline, maintaining a tense standoff.

According to BeInCrypto on April 23 (local time), XRP is showing bearish signals on the 8-hour chart, predicting an 18.81% crash. A bearish divergence, where the Relative Strength Index moves counter to price, has been detected. This suggests that the rebound momentum is fading, and a downtrend is about to resume. A head and shoulders pattern, a typical bearish reversal pattern, has also formed on the chart.

The movements of whales are even more serious. According to Glassnode data, long-term investors holding coins for more than 155 days have dumped 42.7% of their holdings onto the market in the past 10 days. The net holdings, which were approximately 260,176,113 XRP on April 12, plummeted to 149,050,480 XRP by April 22. This indicates that whales are skeptical about a potential rebound and have engaged in large-scale profit-taking.

Institutional investors, however, made a different choice. The XRP spot ETF listed in the US recorded net inflows for 8 out of the last 9 trading days. The buying trend, which began on April 10, shows institutions absorbing the supply released by individuals. On April 17, $13.74 million flowed in. An additional $2.42 million flowed in on the 22nd. The solid support from institutions is delaying a sharp collapse in price.

The key now is whether XRP price can hold the $1.30 level. If it falls below $1.30 based on the daily closing price, it could vertically drop to $1.25 and eventually to $1.01. Conversely, if it strongly breaks through the $1.50 resistance, this bearish scenario will be invalidated. The market's attention is focused on whether institutional ETF buying can withstand the selling pressure from whales.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*