XRP Faces $950M Weekly Sell-Off Amid Bearish Price Pressure

XRP has recently faced significant selling pressure, with nearly $950 million worth of tokens moved to exchanges in a single week, indicating widespread profit-taking among both long-term holders and short-term traders. This selling has prevented XRP from sustaining bullish breakouts, causing the price to struggle below key resistance levels around $3.02 and support near $2.94, with risks of further declines toward $2.85 or even lower. Technical analysis shows XRP rejected at resistance levels near $0.64 on a different scale and facing bearish divergence, but may find short-term support at critical moving averages, indicating potential sideways consolidation. The exit of experienced long-term holders undermines market confidence and dampens prospects for short-term recovery, as increased exchange balances boost selling pressure and limit upward momentum. Despite a publicized $1,000 sell order, XRPL's order book mechanics ensure price action remains anchored to realistic market liquidity, maintaining fair market rates around $2.94 to $3.12. Overall, XRP faces a challenging environment with bearish sentiment dominating due to heavy selling and failed breakout attempts, though some technical support levels may provide temporary relief.