XRP Eyes $2 as Whales Dump 1M Coins
**XRP Whales Offload Nearly 900,000 XRP Amid Selling Pressure**
XRP has experienced significant selling pressure in the last five days, with whales offloading nearly 900,000 XRP coins. This increased selling has added to the bearish momentum facing the altcoin.
Analysts have noted that XRP’s price is currently forming a lower high after being rejected at the $2.70 resistance level. Failure to reclaim this resistance could trigger a deeper correction for the token. Currently, XRP is trading around $2.27, having extended another 7% loss in the last 24 hours and dropping to a crucial support level near $2.25.
### Market Overview and Price Action
On November 4, XRP’s price drop came amid a broader crypto market correction that led to over $1.3 billion in liquidations across the sector. Despite the downtrend, many traders and investors are hopeful that the upcoming XRP ETF approvals could provide the much-needed bullish momentum to drive the price higher.
Crypto analyst Alt Crypto Gems warned that XRP may be entering a risky zone following its rejection at $2.70. The analyst pointed out that the price action confirms a lower high formation, which signals potential weakness ahead. If bulls fail to retake the $2.70 resistance soon, XRP could revisit its lower support zone near $2.00.
Adding to the downside risk, Ripple whales have been actively selling. Analyst Ali Martinez reported that nearly 900,000 XRP were offloaded by whales over the past five days, increasing the selling pressure.
### XRP ETF Developments and Market Sentiment
On a positive note, key developments surrounding the XRP spot ETF have captured market attention. ETF expert Nate Geraci forecasted that the first spot XRP exchange-traded fund (ETF) could debut within the next two weeks. In a November 3 post, Geraci highlighted that the anticipated approvals reflect a significant shift in U.S. regulatory sentiment toward crypto assets.
Grayscale recently submitted an updated amendment to its proposed spot XRP ETF application, signaling continued efforts to secure regulatory approval. Institutional investors are believed to be capitalizing on XRP’s recent price dip, potentially accumulating tokens at lower levels ahead of a regulatory green light.
It’s worth noting that the recent U.S. government shutdown delayed the Securities and Exchange Commission (SEC) from meeting final deadlines on multiple XRP ETF filings. Grayscale’s application, which was first in line for approval on October 17, is followed by other submissions from firms such as 21Shares, Bitwise, Canary Capital, CoinShares, and WisdomTree.
### Conclusion
XRP currently faces a critical juncture, with a failed retest of resistance and significant whale selling weighing on its price. However, the upcoming ETF approvals remain a key catalyst that could reverse the downtrend and attract institutional interest.
**Disclaimer:**
Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Market conditions can change rapidly; readers are encouraged to verify information independently and consult with a professional before making any investment decisions.
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