XRP falls 14% as whales buy 16.46 million tokens during midterm sell-off

XRP experienced significant volatility after its price dropped from $1.34 to $1.15 within several days, sparking concerns among retail investors. During this downturn, large holders, often referred to as “whales,” began to increase their positions in the token despite the broader sell-off. The latest price decline was closely tied to the United States midterm elections held on November 3, when Democratic candidates secured control of both chambers of Congress. Notable Democratic victories in key races, including some in Texas, led to heightened uncertainty in the cryptocurrency sector. XRP had already fallen by 16% in October and faced continued selling pressure as it started November below the technical resistance level of $1.50. Market participants expressed concerns that the Democratic sweep would complicate efforts to enact crypto-friendly legislation.

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