- Whale sell-offs exceeding 370M XRP in April have intensified downward pressure
- XRP’s failure to hold key levels fuels concerns of a potential drop toward $0.50
- XRP ETF filings by ProShares, Bitwise, and CoinShares boost institutional interest
XRP has faced significant turbulence this month, weighed down by bearish momentum and aggressive whale activity. The cryptocurrency has struggled to maintain upward traction amid consistent lower highs and lower lows. A notable sell-off of over 370 million XRP by large holders has added to the negative sentiment.
This heavy selling pressure, combined with technical resistance and market uncertainty, is hindering bullish efforts. As price action battles to hold support, new developments like the potential launch of an XRP ETF could be key to shifting sentiment.
Whale Activity Deepens Bearish Sentiment
According to Ali Martinez, whale wallets have offloaded over 370 million XRP since the beginning of the month. This significant sell-off has placed strong downward pressure on the market.
Martinez pointed out that XRP failed to hold above key moving averages, reflecting bearish momentum. He also noted that panic selling followed the whale transactions, adding to the volume of retail exits.
These moves, combined with failed attempts to regain the $0.62 resistance, paint a clear picture. Unless buying volume returns soon, the likelihood of a drop toward $0.50 remains high.
Further transactions tracked by Whale Alert showed a transfer of over 29 million XRP to Coinbase, suggesting increased exchange inflows. In another major movement, 131 million XRP shifted between unknown wallets, signaling potential internal reshuffling or over-the-counter trades.
XRP ETF Hopes and Legal Developments Offer a Glimmer
On a more optimistic note, analyst John Squire highlighted what he believes is a turning point for XRP. With ProShares filing for an XRP ETF, and other firms like Bitwise and CoinShares joining in, institutional interest is clearly rising. Squire believes this wave of applications reflects growing demand for regulated XRP products.
Right after I shared my thoughts on $XRP and a possible settlement unlocking the next big move…
— John Squire (@TheCryptoSquire) April 15, 2025
Boom. ProShares just filed for an XRP ETF, targeting April 30, 2025.
This isn’t speculation anymore. It’s momentum.
XRP isn’t waiting to be invited. It’s making its way to the main… pic.twitter.com/HwQlxg6qLg
The proposed launch date for the ProShares XRP ETF is April 30, 2025. According to Squire, this indicates that XRP is gaining credibility in traditional financial markets. He also stressed that future growth now depends heavily on the SEC’s stance, especially under its new leadership. CasiTrades also noted that XRP remains stuck below the long-standing $2.17 resistance.
The analyst stated that recent rejections suggest support levels at $1.90 and $1.55 may soon be tested again. Additionally, bearish signals on Bitcoin add to overall market caution. As of press time, XRP trades at $2.07, reflecting a 3.13% drop in the last 24 hours, but a 14.76% gain over the past week.
