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Key takeaways:

• Large investors have been selling $50 million in XRP daily as XRP price dropped back below $3.

• XRP’s descending triangle targets $2.20.

XRP’s (XRP) drop toward $2.80 was preceded by a significant amount of transfers from large holders, which some analysts said may fuel a deeper price correction.

Whales are offloading their XRP

XRP whales, or entities holding large amounts of tokens, have intensified their sell-side activity as the price dropped below $3.

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Analyzing XRP Whale Flow data, using a 30-day moving average, CryptoQuant analyst Maartunn said that $50 million worth of XRP is leaving whale wallets daily.

He added:

“Selling pressure persists.”

This aligns with a surge in XRP supply on centralized exchanges in late September and early October, as data from Glassnode shows.

This “strongly suggests whales are positioning for a significant sell-off,” said trader CryptoOnchain in an X analysis on Oct. 3, adding:

“The data points to immense selling pressure, creating a high risk of a sharp correction. Conditions are ripe for a major price decline.”

This may continue to pressure XRP’s price in the coming weeks, particularly when coupled with rising market fear, which has returned to levels last seen during the sell-off led by President Donald Trump’s tariff announcements in April.

XRP’s descending triangle targets $2.20

Trader Peter Brandt flagged XRP as a “short candidate” if it completes a descending triangle pattern.

Brandt’s technical perspective points to more downside risk if the price breaks below the triangle’s support line at $2.75. He said:

“$XRP is on my list of short candidates, but it is conditional upon completing the descending triangle.”

The measured target of the pattern, calculated by adding the triangle’s height to the breakout point, is $2.20, representing a 22% decline from the current price.

As Cointelegraph reported, the area between $2.75 and $2.80 remains a key support zone for XRP, and holding is crucial to avoiding further losses.

Meanwhile, hopes for the approval of an XRP ETF remain. Market commentator XRP Update said that the US Securities and Exchange Commission might approve an XRP ETF by Oct. 18, adding:

“This could be a turning point for institutional adoption and market legitimacy.”

Such news could help the bulls regain their footing, though a “sell-the-news” pullback is also possible, especially if whales use it as an exit point.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.