• XRP’s price faces a major headwind from two sources of heavy on-chain selling
• Whales have sold an average of $28 million of XRP every day for the last 90 days
• Ripple co-founder, Chris Larsen, compounded this pressure by moving another $140M to exchanges

XRP faces renewed doubts over its price stability as large-scale holders, ‘whales’, continue to offload large volumes of tokens. On-chain data from CryptoQuant shows that XRP whales have sold an average of $28 million a day for the past 90 days.

This uniform distribution has raised questions about the sustainability of the current price, particularly the $3 support level. A similar selling pattern in February, which saw daily outflows reach $64 million, preceded a notable price decline.

Related: XRP Whale’s $3.7 Billion Vote of Confidence in Ripple’s Push for a US Bank License

Despite this ongoing sell pressure, XRP has shown some resilience, with a 2% price increase over the past 24 hours, bringing it to $3.12 as of press time. The token’s market cap rose to $185.3 billion, supported by a 2.9% increase in daily trading volume to $6.11 billion. The price did show some upward momentum through the …

The post XRP’s $3 Support Under Threat From $28M Daily Whale Sell-Off and $140M Insider Transfer appeared first on Coin Edition.

• XRP’s price faces a major headwind from two sources of heavy on-chain selling
• Whales have sold an average of $28 million of XRP every day for the last 90 days
• Ripple co-founder, Chris Larsen, compounded this pressure by moving another $140M to exchanges

XRP faces renewed doubts over its price stability as large-scale holders, ‘whales’, continue to offload large volumes of tokens. On-chain data from CryptoQuant shows that XRP whales have sold an average of $28 million a day for the past 90 days.

This uniform distribution has raised questions about the sustainability of the current price, particularly the $3 support level. A similar selling pattern in February, which saw daily outflows reach $64 million, preceded a notable price decline.

Related: XRP Whale’s $3.7 Billion Vote of Confidence in Ripple’s Push for a US Bank License

Despite this ongoing sell pressure, XRP has shown some resilience, with a 2% price increase over the past 24 hours, bringing it to $3.12 as of press time. The token’s market cap rose to $185.3 billion, supported by a 2.9% increase in daily trading volume to $6.11 billion. The price did show some upward momentum through the …

The post XRP’s $3 Support Under Threat From $28M Daily Whale Sell-Off and $140M Insider Transfer appeared first on Coin Edition.