XRP gained 3% on November 28, hitting its highest level in more than two weeks as the broader crypto market continued to rally. However, the token may still face a sharp pullback after forming a series of lower lows, lower highs, and a concerning death cross pattern amid heavy whale selling.
XRP Shows a Risky Technical Setup
The daily chart indicates that XRP recently entered a short-term bullish phase after climbing more than 22% from this month’s lows. Even so, the broader structure remains weak. Since July, XRP has consistently formed lower highs in August, September, October, and November.
The price has also fallen below the Supertrend indicator, a bearish continuation signal commonly used in technical analysis. A bullish breakout typically requires this indicator to flip green, which has not happened.
Adding to the concern, the 50-day and 200-day Exponential Moving Averages formed a death cross on November 6 — a pattern that often signals further downside momentum. XRP is also trading inside a descending channel, reinforcing the bearish trend.
Given these factors, the most probable scenario for XRP is a drift lower, with the psychological $2 level serving as the next key support. A breakdown below the channel could open the door to deeper losses.
For XRP to confirm a full recovery, the price would need to reclaim both the 50-day and 200-day EMAs and break above the upper boundary of the channel. That would signal renewed upside potential toward its all-time high of $3.65.
Whales Accelerate Selling Despite Positive Ripple Developments
Weak chart signals may explain why large investors are aggressively exiting their positions. Whale wallets have reportedly dumped more than 460 million XRP tokens over the past four days — worth over $1 billion at current prices.
This selling pressure follows earlier moves from Ripple co-founder Chris Larsen, who unloaded tokens worth more than $700 million. Much of the whale activity appears tied to profit-taking despite recent positive news for the ecosystem.
XRP whales are also selling into the recent ETF approvals. The SEC has greenlit several XRP-related funds from issuers including Canary, Bitwise, Grayscale, and Franklin Templeton. Combined, these ETFs have already attracted over $643 million in inflows, with Canary alone holding $336 million.
Whales are also offloading tokens as Ripple’s RLUSD stablecoin gains traction. RLUSD recently secured approval in Abu Dhabi, helping its market cap climb past $1.2 billion. It is now among the largest stablecoins in the crypto sector, with growth expected to continue.
