Major wallets sell 30 million tokens as XRP tumbles to $1.17! What are the key levels investors must watch?

The midweek surge failed to last

An early-week push toward $1.28 lost momentum quickly, with renewed selling pressure sending the price lower once again. The sell-off intensified around 15:00 UTC on Wednesday, during which trading volume skyrocketed to 134.2 million XRP—approximately 170% above the daily average.

While XRP found some buying support around the $1.13 mark, the ensuing bounce struggled to sustain, ending with no decisive close above $1.15. This pattern signals that buyers have yet to establish firm footing for a short-term recovery.

Analysts highlighted that over 30 million XRP have been sold by major wallets in the last five trading sessions, further amplifying existing selling pressure in the market.

Ripple, a blockchain company recognized for its cross-border payment solutions, uses XRP as one of its core digital assets. Large investor wallets and their activities have been under tight scrutiny amid the recent price action.

Institutional interest and derivatives see a pullback

On Wednesday, net inflows into XRP spot exchange-traded funds dropped to zero—a stark contrast to the $3 million registered on Monday and $5 million on Tuesday. This sudden slowdown reflects a more cautious stance among institutional investors in the short term.

A similar pattern played out in the futures market: open interest in XRP futures declined from $2.79 billion on Wednesday to $2.66 billion by Thursday, showing that traders preferred closing positions over taking on new exposure during recent volatility.

Overall market sentiment remained weak, with the Fear and Greed Index dropping Thursday to 15—deep in the “extreme fear” zone, compared with 22 the previous day.

The pause in ETF inflows and decline in derivatives open interest indicate that investors are now adopting a wait and see attitude toward XRP in the short term.

All eyes on technical levels for a possible recovery

Currently, XRP is trading below its 50-day, 100-day, and 200-day exponential moving averages, which are positioned at $1.27, $1.37, and $1.58, respectively. Analysts say overcoming these levels is critical for any sustained recovery in price momentum.

On the downside, the Parabolic SAR indicator is near $1.08. A daily close below this mark could spark a retest of June’s low around $1.05. Meanwhile, the first major resistance remains at $1.15, with a dense resistance region between $1.17 and $1.25.

Technical analysis reveals that XRP is currently stuck between support at $1.10 and resistance at $1.25. As the symmetrical triangle pattern tightens, the coming days could bring a decisive move as the market seeks direction.