[Analysis] "XRP remains sluggish despite ETF's strong performance… due to whale sell-off"

Despite continuous net inflows into the exchange-traded fund (ETF) launched last November, XRP has failed to shake off its weakness. The selling pressure from whales was pointed out as the cause of the weakness.

On the 20th (Korean time), CryptoQuant contributor 'PelinayPA' wrote in a report, "It was expected that buying pressure would flow into XRP due to the ETF listing, but after the ETF was listed, XRP has instead recorded weakness," and analyzed, "This is because whales who had been waiting for the ETF listing sold large amounts to individual investors."

The contributor explained, "Looking at the amount of XRP inflows to Binance, most exchange deposits were '100,000–1,000,000' and 'over 1,000,000'," adding, "These are not amounts from individual investors."

He went on, "After inflows to exchanges surged, supply is overwhelming demand," and, "This is because there are no new spot buyers in the market to absorb the large supply."

The contributor identified '$1.82' as a major support level. He said, "The first major support range is located at $1.82–$1.87. There was buying by individual investors in this range," but added, "If large-scale supply continues to flow into exchanges, XRP could fall further to $1.50–$1.66."