XRP is facing renewed selling pressure on November 20, 2025, after on-chain data showed that large holders have unloaded around 190 million tokens in just two days.
At the time of writing, XRP is trading at $2.12, broadly flat on the day after a volatile week in which the token briefly lost support near $2.05 before stabilising above the $2.10 area.
Recent historical data show that XRP has been drifting lower throughout November from levels above $2.30, leaving the market vulnerable to any fresh wave of distribution from major holders.
XRP whales unload tokens at scale
The latest figures come from on-chain analyst Ali Martinez, who shared a whale-distribution chart compiled by analytics platform Santiment. The visual tracks XRP’s price against the combined balances of addresses holding between 1 million and 10 million tokens.
Since early August the grey zone representing these whale holdings has been trending steadily lower, while the black line showing XRP’s price has also carved out a series of lower highs. The steepest leg of this decline occurs in mid-November, when the chart highlights a sharp drop in whale balances that corresponds to roughly 190 million XRP exiting these wallets over a 48-hour window, signalling aggressive profit-taking or risk reduction among mid-sized large holders.
This is not the first time whales have trimmed exposure into strength. In September, a similar analysis from Martinez pointed to 160 million XRP sold by large holders over a two-week period after the token briefly traded above the $3 mark. That episode was followed by a cooling-off phase in which XRP gave back part of its gains and slipped into a broader consolidation range.
The pattern now appears to be repeating, with November’s sell-off forming part of a larger distribution trend that began after XRP’s summer rally to new cycle highs.
XRP exchange-flow data
Broader on-chain and exchange-flow data for November reinforce the idea that the market is in a distribution phase rather than fresh accumulation.
Research published earlier this month highlighted a rise in transfers from large XRP wallets to exchanges, particularly Binance, indicating that whales have been preparing to sell liquidity for weeks rather than reacting suddenly to a single headline.
At the same time, measures of dormant supply have shown previously inactive coins coming back to life, another classic sign that longer-term holders are choosing to exit or reduce positions as price momentum fades.
The timing of the latest 190 million XRP dump is particularly notable because it coincides with growing speculation around upcoming spot XRP exchange-traded funds. Several issuers, including 21Shares, Bitwise, Franklin Templeton and Grayscale, are moving closer to launching US-listed products, which many traders see as a potential gateway for institutional capital.
Yet even as ETF headlines dominate social media, whale wallets have been selling into the narrative rather than accumulating, suggesting that at least some large investors prefer to bank profits ahead of any new inflow story instead of betting on an immediate surge in demand.
XRP price analysis
Finally from a technical perspective, XRP now sits in a fragile zone. Price has slipped from the $2.30–$2.35 area at the start of the month to just above $2.10 dollars, with repeated failures to reclaim former support levels.
Analysts tracking daily charts note that momentum indicators such as RSI and MACD remain subdued, reflecting hesitant buying interest and leaving the door open to further downside if selling accelerates. A clean break below $2.05 could expose the psychological $2 handle, while a sustained move back above roughly $2.25–$2.30 would be needed to neutralise the current bearish structure.
