Ripple’s XRP experienced a modest revival last week, but its momentum was halted at $2.40, and the asset now struggles below $2.30.

What’s more worrying about its potential in the following weeks is the behavior of whales and long-term holders. This latter group of investors has been showing a noticeably different approach compared to previous cycles.

Glassnode has repeatedly indicated that XRP holders used to realize profits during rallies in the past, such as the run to a new all-time high in July this year or the surge to $3.40 in January. However, they have changed their tune now, disposing of substantial portions of their token holdings as the asset’s price has been on a clear decline since late September.

This trend aligns with other reports indicating that whales are selling en masse. The latest report, released just yesterday, showed that 500,000 tokens were offloaded within a span of just 48 hours.

The timing is quite intriguing and perhaps unexpected due to recent developments on the ETF front. According to the latest news, numerous companies have updated their S-1 filings with the US SEC to remove “delayment amendments.”

This change allows the ETF in question to launch directly after a 20-day period unless the Commission objects. The first such product with a chance of approval is Canary Capital’s application, which could see the light of day as early as this week (November 13).

Consequently, the behavior of whales and long-term holders could represent a classic “buy-the-rumor, sell-the-news” approach, where they expect XRP’s price to drop after the ETFs finally launch.

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https://cryptopotato.com/xrp-profit-taking-divergence-signals-more-pain-ahead-for-ripples-price/