Ripple price analysis: XRP/USD down 11%, falling victim to crypto whale selling

XRP is the biggest market loser out of top-10 coins. It has dropped like a stone late on Tuesday with the downside momentum gaining traction during early Wednesday hours. The third largest digital asset by market value is trading at $0.3510 down 13% on a daily basis and 7% since the beginning of Wednesday. XRP shed over $2B of its value in a matter of hours amid growing trading volumes.

An XRP whale with an account that once had some 1.08 billion XRP seems to have disposed of another 10 million coins worth of about $5 million, according to the research data compiled by Reddit user under bdredditor nickname. 

The findings show that the whale sold 30 million in April and another 10 million on Wednesday, August 7. The owner of the account activated in November 2015 is unknown, though some people suspect that it is Jed McCaleb, the founder of Ripple, who left the company in 2013. However, he has an agreement with Ripple to dispose of his holdings gradually.

Ripple's technical picture

1-hour chart looks depressing as XRP/USD is dropping like a stone. Now $0.3500 handle under threat, and once it is broken, the sell-off may be extended all the way down to $0.3200 and $0.3000. There is nothing much in terms of support levels to stop the snowballing decline, which adds credibility to the bearish forecast. On the upside, the first resistance comes at $0.3600, followed by $0.3750.

XRP/USD, 1-hour chart