Selling pressure on XRP persisted despite expectations of an ETF-driven rally, according to new analysis from CryptoQuant analyst PelinayPA.
Using data from CryptoQuant, PelinayPA looked at Binance’s entry value band chart and found that the most recent entries are concentrated in the 100,000-1 million XRP and over 1 million XRP ranges. These flows are typically associated with large holders rather than retail participants, indicating that whales are actively moving tokens to exchanges.
Large inflows to Binance are generally interpreted as preparation for selling. The analyst noted that after each major inflow spike, the XRP price formed a series of lower highs and lower lows, signaling that supply continues to exceed demand due to the absence of strong new spot buyers.
Even if the whales do not engage in aggressive dumping, the steady increase in available supply has been enough to maintain downward pressure on prices.
XRP Price Analysis
Based on the relationship between capital inflows and price action, the first major support zone is identified around $1.82 to $1.87, where a brief stabilization and limited retail buying appeared previously. If significant inflows persist, the analysis suggests a potential decline towards the $1.50-$1.66 range.
PelinayPA concluded that the current chart structure does not indicate preparation for a rally. In theory, progress toward an XRP ETF should boost institutional demand for spot.
Instead, the data shows elevated FX flows, suggesting that whales that accumulated earlier in anticipation of the ETF’s narrative used approval expectations as an opportunity to sell to retail demand.
As a result, XRP continues to face selling pressure near the $1.95 level. The analyst warned that it would be unrealistic to expect a sustained upward movement before foreign exchange inflows decline under current conditions.
XRP ETFs Record 30 Consecutive Days of Inflows
XRP ETF having recorded an impressive series of inflows, and Ripple CEO Brad Garlinghouse has taken notice. The collective group of XRP exchange-traded funds has now seen positive net inflows for 30 consecutive trading sessions.
Canary Capital has launched the first spot XRP ETF in the United States. It debuted with record first-day volume for a non-Ethereum altcoin ETF, quickly attracting nearly $250 million.
Following the success of Canary, other major shows were launched in rapid succession to capture market share. These include Franklin Templeton (XRPZ), Bitwise XRP ETF (XRP), and Grayscale XRP ETF (GXRP). Other launches are also in the works.
