XRP is losing ground this morning, trading around $2.39, down approximately 0.83% from the previous close. Earlier today, the coin reached a high of $2.53 before dropping back to $2.39. These fluctuations highlight XRP‘s ongoing struggle to recover from earlier losses.

Major XRP Transactions on Exchanges

Following the sharp correction on 10 October, when XRP lost over 40% in a short period, the coin continues to face challenges. Analysts point to a decline in retail demand and a reset of the SOPR (Spent Output Profit Ratio) as contributing factors, indicating that investors who previously took profits partially exited their positions, creating additional selling pressure.

On-chain data shows that around 11 October, significant XRP transactions to centralised exchanges occurred, suggesting that some whales were reducing their positions, contributing to the initial drop. In the days that followed, other large holders temporarily bought in or postponed selling, causing a brief price rally that did not last long. More recently, on 21 October, whales acquired over 30 million XRP in a single 24-hour period, worth approximately $74 million, signalling renewed confidence in XRP‘s future price movements.

Ripple‘s Buyback Programme Provides Support

Despite recent price pressure, there are positive developments. Ripple, the company behind XRP, recently announced plans to repurchase $1 billion worth of XRP tokens. While this initiative may not impact the price immediately, it could bolster investor confidence and support XRP‘s stability over the medium term.

Outlook and Market Expectations

The XRP market remains challenging. A combination of selling pressure from large holders and a cautious retail market is contributing to volatile price movements. Analysts advise investors to monitor on-chain signals closely and pay attention to key support levels around $2.30–$2.40. Over the long term, Ripple‘s buyback programme could help restore momentum, but the market remains highly sensitive to both news and the actions of major players.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research and consult a qualified financial advisor before making investment decisions.