XRP New Today: XRP Dips 6% to Hover Around $2 Amid Whale Sell-Off

Key TakeawaysXRP price tumbles 6% to hover around $2.00, extending its multi-day weakness and reflecting bearish momentumWhale distribution accelerates, with 200M XRP offloaded in 48 hours, creating strong selling pressureBitwise XRP ETF closes 7% lower on debut, adding to ETF-driven volatilityXRP Declines As Whale Sell-Off IntensifiesXRP slipped 4.75% to $2.02 in the last 24 hours, underperforming the broader crypto market’s –4.69% move. Blockchain data shows whales distributed nearly 200M XRP (roughly $404M) over the past two days, adding significant selling pressure that outweighed buyer demand.This activity follows XRP’s 33% 90-day decline, signaling that larger holders may be reducing exposure amid continued downside risk. Rising exchange reserves further reinforce a cautious tone as more tokens move into liquid markets, a typical precursor to heightened volatility. ETF Debut Adds Volatility Instead of Boosting SentimentThe Bitwise XRP ETF, launched on Nov. 20, recorded $21.7M in turnover but closed the session 7% lower, reflecting a soft reception relative to the sector. Meanwhile, Canary Capital’s XRPC ETF, with $268M AUM, continues to dominate interest, raising questions about Bitwise’s ability to attract institutional participation.Weakness across traditional markets added to the pressure, with the Dow Jones falling –0.84%. Market sentiment remains “extreme fear” with a reading of 15, while rising Bitcoin dominance (58.16%) signals a broader shift into perceived safer crypto assets. Technical Structure Shows Further Downside RiskXRP broke below the $2.04 pivot and is now retesting the critical $2.00 Fibonacci (78.6%) support. The RSI at 33 signals oversold conditions but shows no bullish divergence, suggesting the downtrend may persist.A confirmed breakdown below $2.00 would extend the descending triangle pattern that formed after XRP fell from the $3 psychological level. The pattern’s structure points toward a measured move to $1.55, representing a possible 25% decline from current levels.The pattern confirmation occurred when XRP slid below $2.20 earlier this week. Historical analysis also warned of potential declines toward $1.61, reinforcing the current bearish setup.Source: TradingViewAdding to the overhead pressure, nearly 3.23B XRP were acquired between $2.38–$2.40, creating a supply cluster aligned marginally below the 100-day SMA, a stiff resistance zone that continues to cap upward momentum. Outlook: Can XRP Defend The $2.00 Support?The key question is whether XRP can hold $2.00, a psychologically and technically important level. A sustained break could expose the token to the $1.98 range and potentially toward the $1.55 triangle target.