XRP Price Prediction: Whale dumping over $470 million, technical indicators warn it may fall to $2.40

The price of Ripple (XRP) on September 17 was reported at $3.04, forming a descending triangle and bearish flag pattern on the daily chart, indicating an increased risk of short-term decline. On-chain data shows that large investors (Whales) have sold over 160 million XRP (worth more than $476 million) in the past two weeks, while changes in exchange reserves and network activity have further intensified price pressure.

Technical Analysis: Descending Triangle + Bearish Flag

(Source: Trading View)

Pattern Analysis: After retreating from the multi-year high of 3.66 USD, XRP has formed a descending triangle on the daily chart, with a flat support level and a downward pressure resistance line.

False breakout: Recently, there was a brief breakthrough above the upward trend line, but the bulls failed to hold above 3 dollars, indicating insufficient momentum.

Key support:

50-day moving average: $3.00 (has been lost)

Next support: $2.70

200 daily chart: 2.50 USD

Descending target for the triangle: $2.06 (approximately 31% decrease from the current price)

Bearish flag: If it falls below 3 dollars, the flag pattern suggests it may drop to 2.40 dollars.

Whale dumping and exchange reserves rising

(Source: Santiment)

Whale Movement: Addresses holding 1 million to 10 million XRP have reduced their holdings by over 160 million XRP in the past two weeks, with balances dropping to a six-week low of 6.79 billion.

(Source: Glassnode)

Exchange reserves: Glassnode data shows that the exchange XRP balance has increased from 3.3 billion coins on August 27 to 3.94 billion coins, an increase of 665 million coins, indicating a rise in available selling pressure.

Network activity has significantly fallen

(Source: CryptoQuant)

Active addresses: The Daily Active Addresses (DAA) decreased from a peak of 50,482 in July to around 21,000.

New address count: decreased from this year's high of 11,000 to approximately 4,300.

Implication: The decline in internet adoption rate and user participation usually signals that prices may further slow down or fall.

Key Levels for Short-Term Trends

If the rebound stands back at 3 USD: it is expected to challenge the upper edge of the 3.20 USD flag, further testing the 3.40 USD and 3.66 USD highs.

If it continues to hold below 3 US dollars: look down to 2.70 → 2.50 → 2.40 US dollars, and even 2.06 US dollars.

Conclusion

XRP is currently facing multiple bearish factors including technical pressure + Whale selling + increased exchange holdings + declining network activity. Unless it can stabilize above $3 and break through $3.20 in the short term, the price is likely to further test the support level at $2.4 or even lower. Investors need to closely monitor Whale movements and changes in network activity as signals for trend reversal.