Whales Dump 160M Tokens, Market Eyes XRP Price Fallout

Ripple’s native cryptocurrency XRP has come under strong selling pressure. It slipped under $3.0 levels amid the broader market selloff on September 15.

On-chain data shows that Ripple whales dumped a massive 160 million coins over the last two weeks. As the XRP price rallied to $3.15 last week, whales took this opportunity for profit booking.

XRP Price Loses Steam Amid Strong Whale Selloff

Following last week’s rally, the Ripple cryptocurrency has lost steam amid strong profit booking in the market. XRP price today is down by 3.5% and is currently trading at $2.97, with its daily trading volume surging 14.65% to $5.73 billion.

Citing data from blockchain analytics platform Santiment, popular crypto analyst Ali Martinez stated that Ripple whales have sold a staggering 160 million coins in the last two weeks.

Initially, XRP held steady above $3.0, even during the period of whale sell-off. However, as selling pressure built across the broader crypto market today, the Ripple cryptocurrency lost its key support.

With Fed rate cuts likely ahead this week, the market would have a fresh wave of liquidity. Altcoins, such as XRP, could particularly benefit from this as risk-on sentiment takes over. Since the Ripple cryptocurrency lost its initial support at $3.01, the next stop could be at $2.85.

Experts Cite XRP Price Bullish Reversal with Inverse Head-and-Shoulders Formation

The XRP price forms an inverse head-and-shoulders pattern on the daily chart, a setup that often signals the potential for a strong rally. However, there could be some pain before the upside ahead. For the pattern to complete, analysts note XRP may need to dip toward $2.78, i.e., another 9% drop from here.

As per the above image, the formation’s neckline sits near $3.15 with an upward slope. A decisive daily close above this level would confirm the breakout, with initial upside targets around $3.35.

Momentum indicators support the “dip first, breakout later” scenario. The Relative Strength Index (RSI) shows hidden bearish divergence. It suggests near-term weakness in line with XRP’s 1.6% decline over the past 30 days. However, this will provide a buy-the-dip opportunity for long-term investors.

Spot XRP ETF on the Radar

The correction also follows recent setbacks in the SEC-Ripple ETF discussions. The US SEC has continued to block efforts by issuers seeking approval for XRP-based ETFs.

As the U.S. exchange-traded fund (ETF) market expands, XRP could soon join the lineup of crypto assets with spot products.

Issuers including Canary Capital, WisdomTree, and Bitwise have filed applications with the U.S. Securities and Exchange Commission (SEC) to launch spot XRP ETFs, with decisions expected in October 2025.

Market analysts predict that the Ripple cryptocurrency could set the stage for a mega rally ahead over the arrival of the ETF. In addition, Crypto analyst John Squire highlighted a new bill introduced in the U.S. Congress that seeks to add XRP to the national balance sheet.

If passed, the legislation would make XRP an official reserve asset the U.S. government holds to support financial stability and the broader economy.