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Whales holding between 100,000 and 10 million XRP tokens offloaded around 70 million XRP within 48 hours. Market analyst Ali Martinez highlighted this data in a tweet on Friday.
The information, sourced from Santiment, highlights renewed distribution by large holders after a brief accumulation earlier in the week.
Notably, the XRP sales come amid a 5% price surge over the past day. XRP now trades at $2.54, marking a new weekly high after having dipped to $2.3.
Related: XRP Price Prediction: Buyers Hold Support Amid Breakout Anticipation
Santiment Data: Whales Offload 70M XRP as Price Hits Weekly High
The accompanying chart showed that the investors who sold 70 million XRP in the past three days had been gradually reducing their balances since mid-September. This reinforces the view that the latest 70 million XRP dump was part of a sustained downtrend in whale accumulation.
The October 23 sale followed a brief accumulation phase earlier in the week. On October 21, Martinez reported that whales had accumulated 30 million XRP in 24 hours, signaling an attempt to buy the dip. However, the same group of investors sold more than twice that amount within 48 hours.
October Trend: Over 2.7 Billion XRP Distributed by Large Holders
This selling came after two larger movements earlier in the month. On October 8, whales had sold 440 million XRP over 30 days, while by October 14, they had dumped another 2.23 billion XRP since the previous Friday.
Together, these movements amount to over 2.7 billion XRP sold in October, indicating consistent distribution from major holders.
XRP Price Holds $2.50 Zone Despite Whale Selling Pressure
XRP traded at approximately $2.39 on October 23 before a 4% gain over the past day to $2.54, reflecting mild price stability despite increased selling activity.
The token’s price has been on a downward path throughout the month. On October 8, XRP closed near $2.85. By October 14, it had fallen to about $2.45.
The consistent decline suggests that recent whale activity contributed to a weakening of price momentum. Such large transactions often affect sentiment, with retail traders reacting cautiously when major holders begin unloading tokens.
Related: XRP Bull Run Builds as Ripple Prime Debuts, With RLUSD Custody at BNY Mellon
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