XRP trades at $1.29 as of the analyst's report, up 0.87% over the past 24 hours with trading volume reaching $1.33 billion. The seven-day gain stands at 0.09%.
Whale Wallets Decline as Exchange Supply Grows
Market analyst Ali Charts outlined a bearish scenario based on on-chain data and technical analysis. According to Santiment Intelligence data, wallets holding between 10 million and 100 million XRP fell from 351 to 339 over the past few weeks, suggesting large holders may be reducing exposure.
XRP held on exchanges rose from 11.003 billion to around 11.05 billion, an increase of roughly 50 million tokens that has remained elevated over the past week. Ali Charts noted that continued transfers by large holders could add to supply and increase selling pressure.
Technical Support at $1.26
The analyst's bearish case rests on a price channel formed since August. The key support level sits at $1.26, marking the lower boundary of that channel.
If XRP breaks below $1.26, the analyst projects the token could first move toward $1.11, approximately 14% below the current price. From there, the technical pattern suggests a potential move to $0.98, which sits about 22% below $1.26.
At present, XRP trades about 2.4% above the $1.26 support level. Until this support breaks, the $0.98 projection remains conditional on that technical failure.
