Bitcoin Breaks $80K as XRP Faces Whale Selling Pressure

Ripple's XRP price has been testing key support levels amidst elevated on-chain activity and whale selling. The remittance token dropped for two consecutive days, but its technical structure remains constructive, hinting at another breakout attempt towards $2.00.

Meanwhile, Bitcoin's recovery picked up pace this week, with the largest cryptocurrency breaching the psychologically important $80,000 level and reaching its highest price since mid-May. The surge from below $63,000 earlier this month to a peak above $81,000 marks Bitcoin's strongest weekly gain in over three years.

Bitcoin is currently trading above $78,000 while struggling to extend its recovery above the $80,000 mark. Institutional demand is strengthening, with steady inflows and BlackRock's tax-deferred Bitcoin-to-ETF swap volume reaching $5 billion. On-chain data suggests rising BTC holdings by large-wallet investors, or 'whales', indicating increased buying activity.