According to recent data, whales keep selling XRP at a rather rapid pace.
They are offloading roughly $50 million per day on average over the past 30 days.
The price of the Ripple-linked token is down roughly 7% over the past week, underperforming the broader crypto market.
Top short candidate
As reported by U.Today, prominent commodity trader Peter Brandt recently identified the XRP token as the top short candidate.
On its daily chart, the token is in the process of forming a descending triangle, which is a rather ominous sign for the bulls. It is generally viewed as a bearish continuation pattern or as a bearish reversal pattern.
For now, the technical analysis and the market flow data clearly indicate that selling pressure is gradually becoming more aggressive.
Brandt previously predicted that the XRP price could plunge to $2.2 if the triangle ends up breaking down.
Recently, the XRP token also slipped to fifth place by market capitalization, with both Tether (USDT) and BNB surpassing it. However, it still has an impressive market capitalization of nearly $170 billion.
$12 million worth of XRP liquidated
According to data provided by CoinGlass, a total of $11.83 million worth of XRP has been liquidated over the past 24 hours. Short positions account for the majority of the wipeout (81.3%). The Bybit exchange comes in first place with $4.41 million.
Earlier today, a Hyperliquid whale opened a $3.44 million XRP short position, which has already secured a profit of nearly $100,000.
That said, the majority of XRP whales (58.81%) are currently bullish on the Hyperliquid platform despite the token's rather underwhelming price action.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team