XRP whales have made their presence known once again, with blockchain data showing that millionaire wallets offloaded around 40 million tokens in the past day. The move comes from wallets holding between 10 million and 100 million XRP, a bracket that has often been used to measure the positioning of institutions or similar large entities.
So, this type of wallet lost over $120 million worth of XRP at the current price, which suggests that the top players on the market are making some big changes to their holdings.
The chart data shows how these wallets put on about 400 million XRP between them, going from about 7.78 billion XRP to 7.74 billion XRP, which confirms the scale of the sell-off. It is interesting, though, because even though there has been a major drop, XRP's market price has stayed pretty much the same at around $3.02.
Usually, changes in the price of whale moves line up with changes in distribution during times of growth and decline. The latest pattern fits that bill: as XRP recovered from its late-August lows, larger holders started trimming their exposure.
Market reaction
While whales are selling into strength, their holdings are still much higher than the lows we saw in mid-August, when balances fell before bouncing back.
What is really interesting about this episode is that the market did not crack under the pressure. Usually, 40 million XRP hitting the market so quickly could cause some volatility, but in this case, the token held its ground, which suggests that current demand is healthy enough to handle a lot of outflows.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team