Since the start of April, XRP whales have been on a selling spree, offloading over 370 million tokens as the asset attempts to stabilize above the $2 mark.
Wallets holding between 100,000 to 1,000,000 XRP have seen steadily declining balances since early April, coinciding with rising price volatility, according to April 15 on-chain data from crypto analytics platform Santiment.
At XRP’s current price, the dumped tokens are valued at approximately $765 million.
This large-scale sell-off may reflect a lack of confidence among major holders, fueling market uncertainty.
Historically, reducing whale holdings typically increases selling pressure, suppressing upward momentum or triggering price corrections. Such a move might also spook retail investors to join the selling party.
XRP price reaction
Interestingly, the Santiment data also shows whale wallets declining during XRP’s rally, which has hit a monthly peak of $2.23, indicating distribution.
Although the destination of these offloaded tokens remains unclear, the transactions align with recent heightened whale activity amid speculation around a potential spot XRP exchange-traded fund (ETF).
Notably, Finbold reported that on April 15, one XRP whale moved over $60 million to Coinbase, hinting at further sell-side pressure.
This follows another notable transfer, where Whale Alert flagged a shift of 131 million XRP (worth $273 million) between two unidentified wallets.
XRP price analysis
At press time, XRP was trading at $2.08, down over 3% on the day, yet up 13% over the past week, holding above the key psychological level of $2.
While these large moves could trigger more downside, XRP is showing moderate volatility at 8.26%, with a relative strength index (RSI) of 49.20, indicating neutral momentum.
However, short-term weakness lingers as the asset trades below its 50-day simple moving average (SMA) of $2.27. Though it remains above the 200-day SMA of $1.88, the broader bullish trend remains intact.
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