XRP Falls Below $2 as Large Wallet Triggers $721M Sell-off
XRP dropped to $1.87 on Friday after a 7-year-old wallet moved $721 million in tokens, extending a 22% decline over the past month. Technical analysts flag multiple bearish signals, with some projecting a potential 40% further drop to $0.70.
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Price Action and Wallet Activity
XRP fell 6% in the past 24 hours to $1.87, marking its lowest price since April, according to CoinGecko and CryptoSlate data. A single wallet dormant for seven years activated Friday and sold a reported $721 million worth of XRP, contributing to sharp sell-off across both spot and derivatives markets. The decline extends a 22% retreat over the past 30 days, pushing the token below $1.10 for the first time since November 2024.
Technical Setup Flags Downside Risk
Market analyst Sam Daodu noted in a recent report that XRP is trading below its 20, 50, 100, and 200-day moving averages across all timeframes—a bearish alignment that typically indicates sellers control price action. The nearest support levels are $1.09, followed by $1.05 where historical buying interest has emerged, and then the psychological level of $1.00. Some technical analysts cited by Daodu project a potential 40% decline from current levels, reaching as low as $0.70, though this represents analyst interpretation rather than consensus.
Broader Market Context
XRP's weakness has tracked declines in Bitcoin and Ethereum, part of a broader market retreat over the past month. The token remains sensitive to macroeconomic conditions and regulatory sentiment around Ripple, the company that created XRP but no longer controls its supply or governance.
Why It Matters
For Traders
XRP is trading near key technical support at $1.05 and $1.00; breaks below $1 would test lower levels and likely trigger additional liquidations in leveraged longs.
For Investors
The token's sensitivity to macro conditions and absence of fundamental news driving the decline suggests the move is sentiment-driven rather than catalyst-specific, favoring patient holders.
For Builders
No protocol or infrastructure changes reported; this is purely a market-driven event with no impact on Ripple's technical roadmap or XRP's network functionality.
This article is for information only and is not financial advice. Read the full disclaimer.
