Whale activity on the XRP Ledger has slowed dramatically, with the number of transactions worth more than $1 million falling from 70 over the past week to just two on July 12.
Data shared by cryptocurrency analyst Ali Martinez, citing Santiment metrics, shows a near 97% collapse in large-value XRP transactions.
Notably, whale activity weakened steadily throughout the week. Large transactions declined from around 60 at the start of the period to roughly 55 and 50 on subsequent days before dropping below 40.
The steepest decline occurred over the last two days, with whale transactions falling from about 15 to just two. The drop suggests large investors have become increasingly inactive as XRP struggles to establish a clear trend.
Whale activity is closely monitored because it can provide insight into the behavior of major market participants. While a decline does not necessarily signal selling pressure, it may indicate that large holders are waiting for a new catalyst before increasing exposure.
A similar pattern emerged in May, when XRP whale transactions worth more than $1 million fell from 157 to 67 within nine days, coinciding with a period of price consolidation and reduced volatility.
The latest decline suggests large XRP holders have become increasingly inactive. At the same time, on-chain activity, futures participation, ETF demand, and active wallet numbers have also weakened.
Lower whale activity can reduce liquidity and buying pressure, making it more difficult for XRP to break out of its current range.
However, the trend is not necessarily bearish, as large investors often scale back activity during consolidation periods. A rebound in million-dollar transactions could signal renewed institutional interest.
XRP price analysis
The cooling whale activity comes as XRP trades near the psychologically important $1 level following broader market weakness. The asset remains stuck in a compressed range, forming lower highs and lower lows that are consistent with an ongoing consolidation phase within a broader downtrend.
At press time, XRP was trading at $1.08, down about 1% over the past 24 hours. On the weekly timeframe, the cryptocurrency has lost more than 5%.
From a technical perspective, a sustained move above the $1.18 to $1.20 resistance zone could signal improving buyer control and pave the way toward $1.29 to $1.37, with a potential extension to $1.50 to $1.65.
Conversely, a decisive break below the $1 to $1.06 support area, a key accumulation zone, could expose deeper downside targets between $0.90 and $0.98, or even $0.80 to $0.85.
