XRP Whales Offload $480 Million, Signaling Bearish Market Outlook

Recent data highlights a bearish trend for XRP as whales offload their holdings:

XRP whales have sold 160 million coins ($480 million) since early September, reducing their holdings from 6.95 billion to 6.77 billion.
Similar selling patterns are observed among whales holding between 10 million and 100 million coins, with holdings dropping from 8.1 billion to 7.77 billion.
Whales with 100 million to 1 billion coins reduced holdings from 10.83 billion in July to 7.94 billion by August, now remaining stagnant.

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Despite projections of a Fed rate cut and an upcoming spot XRP ETF, these events might trigger a 'sell the news' reaction, potentially leading to further price declines.

Market Analysis

Analyst Egrag Crypto predicts a potential bearish cross for XRP:

XRP might dip to $2.65 despite an expected Fed rate cut.
A close above $3.07 and $3.13 is necessary to avoid a bearish cross and potentially rally to $3.7.

Currently, XRP trades around $3, showing a slight increase over the last 24 hours.

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