Key takeaways
- XRP fell about 1% over the past 24 hours but could soon rally toward $2.80.
- Ripple co‑founder Chris Larsen reportedly sold roughly $120 million worth of XRP.
Larsen sells approximately $120 million in XRP
On‑chain data from CryptoQuant shows an outflow of about $120 million from wallets linked to Chris Larsen. This withdrawal coincided with XRP’s roughly 1% decline in the past 24 hours.
The sale aligns with Ripple’s ongoing effort to raise funds for the planned acquisition of GTreasury. The company recently announced a $1 billion financing push intended to support the takeover of the financial management firm.
Despite the acquisition news, XRP’s price has remained under pressure, with the token experiencing significant selling in recent weeks. XRP’s decline mirrors a broader pullback in risk assets, as Bitcoin and Ether have also posted large losses over the same period.
There are some signs of accumulation, however: the number of XRP addresses holding more than 100 tokens has been increasing. This trend has persisted even though XRP is down about 35% from its multi‑year high of $3.66 reached in July.
XRP eyes $2.80 despite bearish conditions
The XRP/USD 4‑hour chart remains bearish and has yet to recover following the October 10 crash. Currently, XRP is consolidating inside a descending parallel channel, but it could push toward the $2.80 resistance level in the near term.
The $2.80 level also aligns with the 0.618 Fibonacci retracement, marking it as a critical area to watch as the month progresses. A clear breakout above $2.80 would signal a potential reversal, opening the way to targets near $3.05 and, if momentum continues, $3.40 in the coming weeks.
Technical indicators support a modest recovery: the RSI sits around 52, suggesting bulls are regaining some control, and MACD lines are approaching positive territory.
That said, failure to sustain bullish momentum would push XRP lower in the coming weeks. Performance will depend heavily on broader risk appetite across crypto and equity markets. If the bearish trend persists, XRP could slide below the $2.20 support level within the next few days.