Binance Market Watch: XRP Sell-Off Intensifies as Whales Cash Out
Ripple's XRP is experiencing heightened selling pressure as large holders, often referred to as 'whales,' begin offloading their tokens. This activity has sparked concerns about a potential prolonged downturn for the asset. Currently, XRP is trading around $1.99, marking a 12% decline over the past week. The cryptocurrency has fallen below both its 50-day and 200-day exponential moving averages, signaling bearish momentum. Adding to the negative sentiment, the Relative Strength Index (RSI) is hovering at 34, approaching oversold territory without any immediate signs of reversal. Rising sell volume further reinforces the downward trend, leaving investors wary of the short-term prospects for XRP. As the market watches closely, all eyes are on Binance and other major exchanges to see how this sell-off unfolds.
XRP Faces Sell-Off Pressure as Whales Take Profits
Ripple's XRP is under significant selling pressure as large holders begin offloading tokens, triggering concerns of a prolonged downturn. The asset has dropped below both its 50-day and 200-day exponential moving averages, trading around $1.99—a 12% weekly decline. Bearish momentum is reinforced by rising sell volume and a Relative Strength Index (RSI) hovering at 34, nearing oversold territory without signs of reversal.
On-chain metrics reveal intensified whale activity, with transaction counts spiking on June 23 alongside a sharp price drop—a classic profit-taking signal. Derivatives data further underscores fragility, with declining open interest and Binance's liquidation heatmap showing dense clusters NEAR key levels. The MACD's widening negative gap confirms sustained bearish dominance.
Ether's Fragile Position Amid Geopolitical Tensions and Leverage Risks
Ether dipped below $2,200 over the weekend as Middle East tensions rattled crypto markets, erasing 15% of its value in a week. The selloff reflects broader risk aversion, but Ethereum's weakness runs deeper than macro shocks alone.
Matrixport warns of excessive leverage in ETH futures markets, with analyst Markus Theilen noting overcrowded positioning. 'The unwinding process isn't finished,' he says. This synthetic demand masked fundamental softness—when the leverage tide receded, Ethereum's vulnerabilities were laid bare.
Binance traders appear to be doubling down despite the turbulence. ETH's dominance on the exchange has quietly expanded, suggesting speculative capital remains entrenched. But with gamma squeeze risks lingering, the path of least resistance may still point downward until open interest resets.
Chainlink Whale Activity Sparks Optimism Amid Market Recovery
Chainlink (LINK) is showing signs of resilience, rebounding to $12.10 after a 22% monthly decline tied to broader crypto market weakness. Whale transactions surged 3,373% in 24 hours, moving $762.7 million worth of LINK—including a $149 million deposit to Binance—as liquidations swept $458 million from crypto markets.
The concentration of $9 million in long positions near $12.55 suggests traders anticipate upside. A breakout above $13.35 could propel LINK toward $14, with the coming week likely determining whether this whale-driven momentum marks a true trend reversal.
CZ Warns of New Hacker Trend Targeting Crypto Data Platforms
Former Binance CEO Changpeng Zhao (CZ) has issued a stark warning about a surge in cyberattacks directed at cryptocurrency data platforms. This alert follows high-profile breaches at CoinMarketCap (CMC) and Cointelegraph (CT), where hackers deployed wallet-draining phishing schemes to exploit users.
The attacks unfolded with alarming precision. On June 21, CMC users encountered a fraudulent "Verify Wallet" pop-up prompting wallet connections—a tactic quickly identified by the crypto community as a phishing ploy. CMC confirmed the breach and removed the malicious code, though not before 39 users lost approximately $18,570. The platform has pledged reimbursements.
Two days later, Cointelegraph fell victim to a similar front-end exploit. CZ emphasized the pattern: "Hackers are targeting information websites now. Be careful when authorizing wallet connect." The incidents underscore growing vulnerabilities in crypto's informational infrastructure, where trust in data platforms is being weaponized against users.
