Crypto King Mazhar

06/09 10:48

XRP Whales Reduce Their Bags by $535M as Market Tu

XRP Whales Reduce Their Bags by $535M as Market Turbulence Persists

Key Takeaways

XRP whales have turned bearish, distributing 250 million coins worth $535 million in three days.

As a result, XRP price has remained rangebound and has struggled to gain bullish momentum.

XRP is trading inside a symmetrical triangle, indicating indecision, but the bears are gaining the upper hand.

In contrast to their aggressive accumulation trend in the last quarter of 2024, XRP whales appear to be more cautious. This change in behavior appears to be closely tied to the altcoin’s sluggish price action.

XRP has remained locked in a sideways trend over the past 30 days. CCN analysis suggests that this occurred as major holders decided to distribute their holdings rather than accumulate.

 This trend could impact XRP’s short-term price action, as continued selling pressure from large wallets could overwhelm any immediate bullish momentum. Here’s what could happen next for the altcoin.

XRP Holders Dump 250 Million Coins

XRP whales have been dumping a significant portion of their holdings over three days, according to Santiment data. On June 2, wallets holding between 10 million and 100 million XRP collectively held 7.80 billion coins.

That figure has dropped to 7.55 billion, representing a net allocation of 250 million XRP.

This selloff is worth about $535 million at current prices, indicating a significant wave of selling pressure from large investors.

Historically, whale accumulation tends to support price gains.

But in this scenario, the opposite is happening.  If this trend continues without a corresponding surge in demand, XRP could fall below $2, opening the door for further declines in the near term.

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