TL;DR

Ripple whales have reversed their investment strategy by offloading over 60 million tokens within the span of just three days. XRPs price went on the offensive earlier today, but it was stopped at over $2.4 and pushed south by roughly 5%. Whales have sold over 60 million $XRP in the last 72 hours! pic.twitter.com/nx13u9nthS

The 60 million tokens offloaded by large Ripple investors equal roughly $140 million, according to current prices. While this doesnt sound like a big number when we are talking about a cryptocurrency with a market cap of almost $140 billion, the relatively small timeframe of just 72 hours is whats more worrying.

Additionally, it showcases a highly different investment strategy for whales. Recall that these market participants, who have the ability to impact market prices with large sales or purchases, went on a massive accumulation spree in April, adding over 900 million tokens.

The revelation today coincided with an intriguing price move by XRP. The fourth-largest cryptocurrency started to gain traction alongside the rally in the rest of the market, in which BTC skyrocketed to a new all-time high, and surged from $2.34 to a multi-day peak of almost $2.44.

However, it faced an immediate and violent rejection at that point and was pushed south to the starting level within hours. As of now, XRP is back to around $2.35, which is just above a crucial support line ($2.3) that many believe could make or break the assets short- to medium-term price movements.

XRPUSD. Source: TradingView