XRP is seeing a modest recovery after the launch of spot XRP ETFs, but faces pressure due to major whale selling hindering upward momentum. Whales have sold over 2.20 billion XRP, with holdings at a 32-month low. Fear of further losses has led to large holders cutting exposure, impacting confidence in a sustained recovery.

XRP’s Net Unrealized Profit/Loss (NUPL) dipping below 0.25 has entered the “Fear” zone, historically leading to either gradual recovery or steep declines depending on investor behavior. The asset is trading at $2.20, struggling to break the $2.28 resistance. Failure to do so could lead to consolidation or a drop below $2.14, continuing a bearish trend.

For XRP to challenge $2.28 and beyond, selling must subside and confidence rise. Breaking above $2.28 could push the price to $2.36 and eventually $2.50, invalidating the bearish outlook. Investor behavior in the coming days will determine whether XRP stabilizes or faces further weakness.

Read more at Yahoo Finance: XRP Whales’ $4 Billion Sell-Off in November Is The Highest In 30 Days Since March 2023