Analyst: Whale selling pressure on XRP persists despite spot ETF hopes

Selling pressure on XRP remains strong despite the potential approval of a U.S. spot ETF, according to an analysis by CryptoQuant contributor PelinayPA. The contributor noted that most recent XRP inflows to Binance originated from wallets holding between 100,000 and one million XRP, as well as those with over one million XRP, indicating that whales, not retail investors, are depositing funds onto the exchange. Historically, such spikes in exchange inflows have preceded sustained price declines, signaling that supply is overwhelming demand. PelinayPA identified a key support zone between $1.82 and $1.87 but warned that continued large-scale transfers by whales could push the price down to the $1.50-$1.66 range. The analysis also highlighted that the chart currently shows no signs of a bullish trend reversal and that XRP faces repeated selling pressure each time it approaches $1.95. A significant rebound is considered unlikely until these exchange inflows decrease.