$242 Million in XRP Dumped as Selling Pressure Builds

XRP has continued to spark fears among investors as whales are increasingly dumping their tokens amid ongoing market uncertainty. 

On Friday, October 17, on-chain tracking platform Whale Alert shared data showing over 106 million XRP being transferred in a move that appears to be an attempt to sell.

The tracker spotted two large, consecutive transactions — 53,399,340 XRP and 53,356,907 XRP — being moved between unknown wallets and Coinbase.

While both transfers are collectively worth over $242 million, commentators have suggested that whales may be strategically dumping their holdings to hedge against further losses.

Although the exact nature of the transactions was not disclosed, they signal mounting sell pressure, which could weigh heavily on price performance and trigger deeper corrections.

While some commentators have speculated that one of the transactions might be an OTC (over-the-counter) transfer occurring outside of a crypto exchange, many others have expressed skepticism, believing that both transfers were influenced by the prevailing negative market sentiment.

 XRP to retest $1?

With the XRP market structure appearing increasingly weak and on the verge of a total collapse, there are few, if any, support levels left between current prices and the psychological threshold of $1.00.

This suggests that XRP could retest the $1 level in the near term if market momentum does not turn bullish soon. Beyond the increasing selling activity observed in the market, whales have continued to liquidate large positions, putting overall liquidity under significant pressure.

However, despite the consistent price declines, analysts remain optimistic about XRP’s long-term prospects. Analysts attribute this optimism to Ripple’s recent developments, highlighting reasons why investors should remain bullish on XRP despite the distressed market conditions.

As Ripple continues to aggressively expand its global presence — through major developments such as the launch of its RLUSD stablecoin in Africa and its custody partnership with Absa Bank — the demand for XRP is expected to rise to new heights.

These initiatives, which strengthen XRP’s utility in cross-border payments, are anticipated to support a longer-term recovery for the asset despite the ongoing market bloodbath.