The top XRP investors have reduced their exposure over the past 30 days amid a midterm bearish outlook.
As of May 15, large holders on the XRP Ledger (XRPL) tracked across the top 100 wallets offloaded a net 481,409,805 tokens, valued at about $693,229,719 at press time, over the past month. During the last 24 hours, this group of investors cut their holdings by 27,085,842 tokens, worth approximately $38,003,612 at the time of publication, according to data tracked by @Chachakobe4er, analyzed by Finbold.
Notably, the top 100 addresses control about 25,386,774,392 XRP, currently worth $36.55 billion, representing roughly 41% of the token’s total circulating supply. Meanwhile, the changed addresses – wallets that recorded at least one balance movement within the tracked period – control about 12,601,767,626 XRP, valued at nearly $18.15 billion, which represents roughly 20.39% of the token’s total circulating supply.
As such, it is evident that top XRP holders have been actively redistributing their positions, potentially signaling reduced conviction.
What’s next for XRP price amid reduced demand from top holders?
Amid ongoing distribution from top holders, XRP has faced significant sell pressure above $1.50 over the past three months. For instance, the token dropped nearly 4% over the past 24 hours, trading at $1.45 on Friday, after a daily attempt to rally above $1.50.
As such, the token could continue to decline over the coming days and weeks, fueled by ongoing deleveraging, as Finbold explained, amid a notable sell-off from whale investors. However, if the top XRP holders resume accumulation, the token could enter a fresh bull run.
