XRP is coming under new selling pressure after on-chain data showed large holders, or whales, have sold more than $370 million in XRP since the beginning of April, as per Ali Martinez.
As crypto analyst Ali Martinez reported, wallets with between 100 million and 1 billion XRP have started to sell back significant amounts of their holdings, suggesting that the biggest players in the ecosystem may have a somewhat bearish outlook.
Currently, XRP is trading for $2.12, 1.45% lower than 24 hours ago, as a mix of profit-taking and market uncertainty continue to weigh on market sentiment.
The chart taken from Santiment shows an obvious decline in whale wallet balances over the timeframe of XRP’s recent rise, suggesting distribution into strength, while the real volume analysis shows expansionary selling pressure on the sell-side, and open interest is flat after the spike in early April and suggests speculation momentum is leaving the market.
While XRP is above the critical psychological level of $2, if large holders continue to sell, it could indicate adverse downward pressure. Retail traders probably do not want to ignore whale behavior, particularly since it has often been a leading indicator for changes in trends.