XRP: Whales are Escaping, but ETF Buying Interest is 'Solid'

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XRP is facing a crisis of an 18% plunge as the exodus of long-term holders accelerates. Spot ETF buying interest is slowing down the rate of decline, maintaining a tense standoff.

According to BeInCrypto on April 23 (local time), XRP is showing bearish signals predicting an 18.81% plunge on the 8-hour chart. A bearish divergence phenomenon, where the Relative Strength Index moves inversely to the price, has been detected. This suggests that the momentum for a rebound is waning and a downtrend is about to resume. The chart has even formed a Head and Shoulders structure, a typical bearish reversal pattern.

The movements of whales are even more serious. According to Glassnode data, long-term investors who have held coins for more than 155 days have dumped 42.7% of their holdings on the market in the last 10 days. The net holdings, which were approximately 260,176,113 XRP on April 12, sharply decreased to 149,050,480 XRP by April 22. It appears that whales are skeptical about the possibility of a rebound and are engaging in large-scale profit-taking.

Institutional investors' choices were different. US-listed XRP spot ETFs recorded net inflows for 8 out of the last 9 trading days. The buying momentum, which began on April 10, shows institutions absorbing the volume released by individuals. On April 17, $13.74 million flowed in. An additional $2.42 million also entered on April 22. Solid institutional support is delaying a sharp collapse in price.

The key for XRP's price is whether it can maintain the $1.30 level. If it falls below $1.30 based on the daily closing price, it could vertically drop to $1.25 and finally to $1.01. Conversely, if it strongly breaks through the $1.50 resistance level, this bearish scenario will be invalidated. The market's attention is focused on whether institutional ETF buying can prevent a whale sell-off.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*