On-chain data shows the XRP whales have distributed a significant amount during the past week, a sign of negative sentiment among large holders.<\/p>\n
As announced by analyst Ali Martinez in a new post<\/a> on X, XRP whales have participated in a notable amount of selling recently. A \u201cwhale<\/a>\u201d is typically defined as an XRP investor holding between 1 million and 10 million tokens. At the current exchange rate of the cryptocurrency, this range converts to $2 million at the lower end and $20 million at the upper one.<\/p>\n Given the size of the range, the only investors who would qualify for the cohort would be the big-money hands. These holders can carry some influence in the market, making the group a key one for the network.<\/p>\n Now, here is the chart from on-chain analytics firm Santiment shared by Martinez that shows how the supply of the XRP whales has changed over the last few months:<\/p>\n As displayed in the above graph, the XRP whale supply has been following a downtrend since mid-November, indicating that the large holders have been distributing. The trend has continued during the past week, with entities belonging to the group collectively selling 510 million coins, worth more than $2 billion at the latest price.<\/p>\n At the same time as the selloff over the last few weeks, XRP has witnessed some net bearish price action, implying that the whales may have had a role to play in it.<\/p>\n Given that these humongous entities haven\u2019t shown any signs of slowing down recently, it\u2019s possible that the coin could see a further drop. It only remains to be seen, however, how whale behavior will develop in the coming days.<\/p>\n In some other news, XRP could be set up for a 16% move according to a technical analysis (TA)<\/a> pattern, as Martinez has pointed out in another X post<\/a>.<\/p>\n