XRP Faces Bearish Pressure as whales Sell Off
XRP’s price has taken a hit, confirming a descending triangle pattern on the daily chart. This bearish signal, combined with whale selling, is causing concern among investors.
Over the past week, XRP has dropped by 12%. the broader market’s risk-off sentiment, fueled by U.S.-China tariff tensions, is partly to blame. The ongoing trade dispute has created uncertainty, affecting investor confidence.
Another factor is the delay in approving spot XRP ETFs in the U.S. This uncertainty has dampened investor sentiment.Whales, or large investors, have responded by offloading 2.23 billion XRP as the latest tariff announcement.
On-chain data shows that whales are selling, which can trigger panic among retail investors. Social sentiment around XRP has been negative since late September, according to Santiment.
Technically, XRP’s price has confirmed a bearish descending triangle. this pattern suggests that sellers are in control. The 20-day simple moving average has crossed below the 50-day SMA, a bearish signal. Momentum indicators like MACD and RSI are also pointing downward.
Key support is at $2.32, with the next target near $1.90 if this level breaks. On the upside, resistance is at $2.74. A breakout above this level could signal a bullish reversal.
