XRP is attempting to recover this week, buoyed by renewed optimism following the launch of spot XRP ETFs. The increased attention has supported a modest rebound, yet the bullish momentum is under pressure.
A wave of major whale selling throughout November is hindering XRP’s ability to regain strong upward traction, creating a critical turning point for the asset.
XRP Whales Break Record
Whale behavior has taken a sharply bearish turn. This month, large XRP holders registered their biggest single-month sell-off since March 2023.
Addresses holding between 1 million and 10 million XRP have collectively sold more than 2.20 billion XRP, valued at over $4.11 billion. Their cumulative holdings have fallen to 4.39 billion XRP, breaking a 32-month low.
This aggressive distribution highlights deepening concerns among high-value wallets. Many whales appear to be cutting exposure to avoid further losses, signaling that confidence remains fragile despite ETF-driven optimism. The scale of selling indicates that large holders are not yet convinced of a sustained recovery.
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Ethereum Whale Holding. Source: Santiment
Broader macro indicators reinforce these concerns. XRP’s Net Unrealized Profit/Loss (NUPL) recently dipped below the 0.25 threshold, entering the “Fear” zone before bouncing back slightly. Historically, this level has produced two distinct outcomes.
If fear stabilizes and investors refrain from selling, prices often recover as profits gradually rebuild. However, if fear accelerates, capitulation typically follows, triggering steep declines.
Whether XRP stabilizes or weakens further depends heavily on investor behavior over the coming days. A decisive move toward $2.50 would signal growing confidence and reduce the risk of capitulation. Conversely, continued fear-driven selling could place downward pressure on the price, pushing XRP back into a vulnerable zone.
XRP NUPL. Source: Glassnode
XRP Price Is Far From Target
XRP is trading at $2.20, moving sideways below the $2.28 resistance. The newly launched ETFs are helping the asset hold above the crucial $2.14 support, but momentum remains muted.
If XRP fails to build on recent gains due to persistent whale distribution, consolidation between $2.28 and $2.14 is likely. A break below $2.14 could send the price toward $2.00 or lower, continuing the bearish trend.
XRP Price Analysis. Source: TradingView
If selling subsidies and investors regain confidence, XRP may challenge the $2.28 barrier. A breakout above this level could propel the price to $2.36 and eventually toward $2.50. This would invalidate the bearish thesis and encourage renewed accumulation.
