Key points
- XRP fell about 1% over the past 24 hours but could soon rally toward the $2.80 level.
- Reports indicate Ripple co‑founder Chris Larsen sold roughly $120 million worth of XRP.
Larsen sells roughly $120 million in XRP
On‑chain data from CryptoQuant shows an outflow of about $120 million from wallets associated with Chris Larsen. This move came after XRP lost roughly 1% of its value in the previous 24 hours.
The sale coincides with Ripple’s ongoing fundraising to finance the acquisition of GTreasury. Ripple recently announced plans to raise $1 billion to purchase the treasury management firm.
Despite the acquisition announcement, XRP’s price has not reacted positively; in recent weeks the token has faced heavy selling pressure. XRP’s decline has paralleled a broader pullback in risk assets, with Bitcoin and Ether also posting significant losses over the same period.
Still, there are signs of accumulation: addresses holding more than 100 XRP have increased, suggesting potential support building. That comes even though XRP is down roughly 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 lacks clear momentum following the October 10 crash. Currently, XRP is consolidating inside a descending parallel channel but could rise to the nearby resistance around $2.80.
The $2.80 resistance level aligns with the 0.618 Fibonacci retracement, making it an important zone to monitor as the month progresses. A decisive break above $2.80 would confirm a bullish reversal pattern and could push XRP toward $3.05 or even $3.40 in the coming weeks.
The RSI near 52 indicates bulls are regaining control, and MACD lines are close to crossing into positive territory.
However, failure to sustain bullish momentum would likely send XRP lower in the near term. Performance will depend on broader risk appetite across crypto and equity markets. If bearish pressure persists, XRP could slip below the $2.20 support level over the next few days.