Key Takeaways
- XRP fell about 1% in the past 24 hours but could rise toward the $2.80 level in the near term.
- Ripple co-founder Chris Larsen is reported to have sold roughly $120 million worth of XRP.
Larsen Sells Approximately $120 Million in XRP
On-chain data from CryptoQuant indicate an outflow of about $120 million from wallets linked to Chris Larsen. This development coincides with a roughly 1% decline in XRP’s price over the last 24 hours.
This selling activity also aligns with Ripple’s recent fundraising efforts to finance the proposed acquisition of GTreasury. Ripple announced plans to raise about $1 billion to support the takeover of the treasury-management firm.
Despite the acquisition announcement, the news has not provided a clear boost to XRP’s price. The token has faced heavy selling pressure in recent weeks amid a wider pullback in risk assets, with Bitcoin and Ethereum also experiencing notable losses.
Still, some on-chain indicators point to potential short-term strength: the number of XRP addresses holding more than 100 tokens has been increasing. That said, XRP remains down roughly 35% since hitting a multi-year high of $3.66 in July.
XRP Eyes $2.80 Despite Bearish Conditions
The XRP/USD 4-hour chart is still showing bearish and inefficient price action following the October 10 crash. XRP is currently consolidating inside a descending parallel channel, but a move toward the $2.80 resistance level is possible in the near term.
The $2.80 resistance lines up with the 0.618 Fibonacci retracement, making it an important area to watch as the month closes. A decisive break above $2.80 could validate a bullish reversal pattern and open the path to higher targets near $3.05 and potentially $3.40 in the coming weeks.
Technical indicators provide a mixed outlook. The RSI reading around 52 suggests bulls are reclaiming some control, while the MACD lines appear poised to cross into positive territory.
If XRP fails to sustain bullish momentum, the token could slide lower over the coming weeks. Future performance will depend on broader risk appetite across crypto and equity markets. Should bearish pressure persist, XRP may breach the $2.20 support level in the short term.