XRP recently experienced high selling pressure driven by large investors offloading over 2.23 billion XRP tokens in just a few days. The large sell-off has raised concerns about the short-term stability of the cryptocurrency as market participants keep a close watch on key support levels.
Analyst Ali Martinez disclosed that wallets with holdings between 100 million and 1 billion XRP sold off a total of 2.23 billion XRP tokens in the span of just a few days, from October 10 to date. On-chain data shows a decrease in their balances, which fell from over 9.5 billion XRP to around 7.3 billion XRP in less than a week.
Reduction in Large Holders’ Exposure
In addition to the large whale sell-off, recent on-chain data shows a consistent trend of reduced exposure from large XRP holders. Over the past month, wallets holding between 1 million and 10 million XRP have offloaded 440 million tokens. These wallets have reduced their collective balance from 6.95 billion XRP to 6.51 billion XRP.
This reduction in holdings is indicative of a larger trend where whales are adjusting their positions in response to broader market signals or to lock in profits, as pointed out by Ali Martinez. This reduction in large holders’ exposure has coincided with a 16% drop in XRP’s price over the past week and a further 6% decline in the last 24 hours.
The whale transfers coincided with President Donald Trump’s recent threat to impose an additional 100% tariff on imports from China, sparking a massive cryptocurrency sell-off late Friday.
Market Sentiment and XRP’s Price Movement
Data from Coinglass shows a strong correlation between XRP’s price movements and fluctuations in daily inflows and outflows. Notably, spikes in inflows have often been followed by price increases, while outflows tend to signal price declines. For example, in early February, a large inflow of XRP led to a price surge, but this was followed by a sudden outflow, resulting in a price drop.
Data from October reveals another major outflow, which coincided with XRP’s price dipping below $2.50. This price movement implies that investor confidence may be waning, as the market becomes more uncertain about XRP’s future price direction.
At the time of writing, XRP was trading at $2.47, with a 24-hour trading volume of over $8.5 billion. XRP holds the fifth spot in the global crypto rankings, with a circulating supply of 59.92 billion XRP tokens and a total market cap of $147.7 billion.
The CoinRemark Team
Brenda Kanana
