Big money exits XRP just as its first U.S. ETF goes live

Core Insights - XRP is experiencing a significant divergence between retail enthusiasm and whale behavior following the launch of the first U.S. spot XRP ETF, with a market cap of approximately $136 billion [1] - The legal battle with the SEC concluded in July 2023, ruling that XRP is not a security when traded on exchanges, which has been a pivotal moment for the asset [2] - Despite the positive regulatory developments, large holders (whales) are selling XRP, with nearly 200 million XRP sold in just 48 hours post-ETF launch [3][4] Market Behavior - Whales, defined as wallets holding large amounts of cryptocurrency, are selling into the recent rally, indicating a lack of confidence in the price increase [3][4] - XRP's price has seen a decline of 4.3% in the last 24 hours, dropping from $2.31 to $2.22, which reflects a bearish momentum in the market [5] Technical Analysis - Analysts are observing a breakdown in XRP's technical structure, with the price carving out a lower-highs pattern, suggesting potential further declines [4][5] - A widely followed technical analyst has indicated that XRP is approaching critical buy zones, hinting at possible increased volatility in the near future [6]