The post XRP Price Today Drops Below $3 After $55M Whale Transfer appeared first on Coinpedia Fintech News
XRP price today has once again fallen below the $3 mark, slipping over 2% in the past 24 hours amid renewed whale speculation. The drop came shortly after reports surfaced of a massive $55 million XRP transfer to a wallet linked with Ripple. However, on-chain data has now clarified that the movement was part of an internal transaction, not a market sell-off as traders initially feared.
$55 Million XRP Transfer Sparks Whale Panic
On October 6, blockchain tracker Whale Alert reported a transfer of 18.7 million XRP (worth about $55.8 million) from an unknown wallet to one tied to Ripple. The alert caused panic across the community, with many assuming a large holder had sold off tokens – potentially contributing to the XRP price decline.
But on-chain data revealed the truth: it wasn’t a whale offload. The transfer was an internal Ripple wallet transaction from Ripple (31) to Ripple (1) – the first such move from Ripple (31) in over two years.
Linked to Midnight Glacier Airdrop, Not Whale Dumping
Further blockchain analysis by XRPScan connected this transaction to the Midnight Glacier Drop, a large-scale airdrop initiative by the Midnight Foundation. The move was part of a planned XRP token distribution and not an exchange-related sell order.
Ripple’s on-chain activity has shown similar internal movements recently, including a 300 million XRP transfer from Ripple (26) last week. Following this latest move, Ripple (1) now holds over 668 million XRP, including funds tied to exchanges like Bitstamp and GateHub, suggesting Ripple’s continued asset management rather than selling activity.
XRP Price Analysis: Weak Support Despite Clarity
Even after the clarification, XRP price remains under pressure, struggling to reclaim the $3 mark. According to CryptoQuant data, whale flow metrics remain negative, signaling continued distribution among large holders.
However, trading activity has stayed strong. XRP futures open interest reached $8.95 billion, with Binance seeing a 2.66% increase, even as CME futures dipped slightly. The derivatives market reflects mixed sentiment, with traders showing cautious optimism ahead of major developments.
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XRP ETF News: October Could Be a Game-Changer
Analysts suggest October could be a turning point for XRP price momentum. Technical charts show a falling wedge pattern, indicating a potential breakout toward $3.33 or higher if bullish momentum strengthens. Support levels are currently seen around $2.80.
Adding fuel to investor optimism, the U.S. SEC is set to begin reviewing XRP ETF applications on October 18. Industry giants reportedly managing over $1.5 trillion in assets are among the applicants. Experts say that even one XRP ETF approval could trigger major institutional inflows, potentially pushing XRP price toward new highs after weeks of sideways trading.
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FAQs
XRP’s price is down due to negative whale flow metrics and general market caution, despite clarification that a major $55M transfer was an internal Ripple move, not a sell-off.
The U.S. SEC is set to begin its review of several XRP ETF applications starting October 18, a key date watched by investors for potential price momentum.
Technical analysis suggests a potential breakout toward $3.33 if bullish momentum strengthens, with current support holding around the $2.80 price level.