XRP Whales’ $4 Billion Sell-Off in November Is The Highest In 30 Days Since March 2023
XRP whales executed a $4.11 billion sell-off in November, the largest monthly distribution since March 2023, hindering price recovery despite ETF optimism.Summary
XRP is currently attempting a modest rebound, supported by optimism surrounding the launch of spot XRP ETFs. However, this bullish momentum is being severely undermined by a significant sell-off from large XRP holders (whales) throughout November.
Addresses holding between 1 million and 10 million XRP sold over 2.20 billion XRP, totaling more than $4.11 billion, marking their largest single-month distribution since March 2023. This aggressive selling has pushed their cumulative holdings to a 32-month low, indicating that major investors lack confidence in a sustained recovery.
Broader indicators, like XRP's Net Unrealized Profit/Loss (NUPL) dipping into the "Fear" zone, reinforce caution. XRP is currently trading around $2.20, holding above $2.14 support. If whale distribution continues, consolidation between $2.14 and $2.28 is likely, with a drop below $2.14 potentially leading to $2.00; conversely, a breakout above $2.28 could target $2.50.
(Source：BeInCrypto)