TLDR:
- Wallets holding 10 million to 100 million XRP fell from 351 to 339 over the past few weeks.
- XRP held on exchanges rose from 11.003 billion to about 11.05 billion, adding roughly 50 million tokens.
- A break below $1.26, the channel’s lower boundary, could first send XRP to $1.11 before $0.98.
- XRP trades at $1.29, about 2.4% above support, so the $0.98 target stays conditional on a break.
XRP could drop to $0.98 if whales keep selling, according to market analyst Ali Charts. The warning follows a decline in large-holder wallets and a rise in exchange balances.
XRP trades at $1.29 as of this writing, up 0.87% over the past 24 hours. Trading volume during that period reached $1,327,287,645.
Source: CoinGecko
The token’s seven-day gain stands at 0.09%. The analyst also pointed to a key support level that could determine the next move for the token.
Whale Wallets Shrink as Exchange Supply Grows
Ali Charts laid out the bearish case in a five-part thread on X. The first post states that XRP will drop to $0.98 if whales keep selling.
The following posts back the claim with on-chain data and a chart pattern. Santiment Intelligence provided the charts attached to the second and third posts.
The second post focuses on the largest holders on the XRP Ledger. According to the analyst, some of these whales appear to be reducing their exposure.
Santiment data shows wallets holding between 10 million and 100 million XRP fell from 351 to 339. At today’s price, that range equals roughly $12.9 million to $129 million per wallet.
The next post turns to exchange balances. XRP held on exchanges rose from 11.003 billion to around 11.05 billion, based on the same data. Moreover, the figure has stayed elevated over the past week.
That rise amounts to roughly 50 million more XRP on trading platforms. Ali Charts noted that continued transfers by large holders could add to supply.
As a result, selling pressure may grow if the trend continues. Wallet counts and exchange balances therefore form the on-chain half of the thesis.
Channel Support at $1.26 Shapes the $0.98 Target
The technical case rests on a channel that XRP has formed since August. Channels of this type connect a series of price highs and lows.
The analyst is watching $1.26, which marks the lower boundary of that channel. A break below this level would activate the bearish scenario.
In that scenario, XRP could first move toward $1.11. The $1.11 level sits about 14% below today’s price. From there, the channel pattern ultimately points to $0.98. That target sits about 22% below $1.26. Therefore, XRP could drop to $0.98 only if support at $1.26 fails.
The analyst summarizes the thesis in three points. These include fewer large-holder wallets, elevated exchange balances, and a break below $1.26.
The analyst presented these three factors as the core of the bearish case. The first two conditions already appear in the data. The price break has not occurred yet.
At present, XRP trades above that support at $1.29. The price sits about 2.4% above $1.26. Until support breaks, the analyst’s $0.98 projection remains a conditional scenario.
The post XRP Price Could Fall to $0.98 If Whales Keep Selling, Analyst Warns appeared first on Blockonomi.
