Key takeaways
- XRP fell about 1% over the past 24 hours, but it could soon climb toward the $2.80 level.
- Ripple co-founder Chris Larsen reportedly sold roughly $120 million worth of XRP.
Larsen sells roughly $120 million in XRP tokens
On-chain data from CryptoQuant indicate outflows of about $120 million from wallets linked to Chris Larsen. This development comes as XRP lost about 1% of its value in the last 24 hours.
The sell-off coincides with fundraising related to Ripple’s planned acquisition of GTreasury. Ripple recently announced a $1 billion fundraising effort intended to finance the takeover of GTreasury, a treasury and finance management company.
Despite news of the acquisition, XRP’s price has not seen a significant boost, as the token has faced heavy selling pressure in recent weeks. XRP’s decline mirrors a broader risk-off move in markets, with Bitcoin and Ether also suffering notable losses over the same period.
There are signs of accumulation, however: the number of XRP addresses holding more than 100 tokens has been increasing. That accumulation is notable even though XRP has lost about 35% of its value since hitting a multi-year high of $3.66 in July.
XRP eyes $2.80 despite bearish conditions
The XRP/USD 4-hour chart remains bearish and shows inefficiency following the crash on October 10, when the token failed to sustain a pump. Currently, XRP is consolidating within a descending parallel channel and could climb toward the $2.80 resistance level in the near term.
The $2.80 resistance aligns with the 0.618 Fibonacci retracement level, making it a key zone to watch as the month progresses. A decisive break above $2.80 would signal a potential bullish reversal for XRP and could pave the way for further gains toward $3.05 or even $3.40 in the coming weeks.
The RSI at 52 suggests bulls are regaining control, and the MACD line looks poised to cross into positive territory.
If bulls fail to sustain momentum, XRP could move lower in the coming weeks. Its trajectory will depend on broader risk sentiment across crypto and equity markets. Should bearish pressure persist, XRP may drop below the $2.20 support level in the near term.