XRP Top 100 Holders Reduce Holdings Amid Bearish Sentiment

▲ XRP/AI Generated Image ©

XRP (Ripple) whale investors liquidated approximately $690 million worth of their holdings in a month, once again flashing bearish warning signs in the market.

According to Finbold, a cryptocurrency media outlet, on May 16 (local time), the top 100 XRP Ledger (XRPL) wallets net-sold a total of 481,409,805 XRP over the past 30 days. Based on current market prices, this amounts to approximately $693,229,719. Notably, an additional 27,085,842 XRP were sold in the last 24 hours, totaling approximately $38,003,612. This data was compiled based on analysis from @Chachakobe4er.

Currently, the top 100 wallets hold a total of 25,386,774,392 XRP, valued at approximately $36.55 billion based on market capitalization. This accounts for about 41% of the total circulating supply. Furthermore, wallets that experienced at least one balance change during the tracking period hold a total of 12,601,767,626 XRP, amounting to approximately $18.15 billion. This represents about 20.39% of the total circulating supply.

The media outlet analyzed that the continuous reallocation of holdings by top investors could indicate weakening market confidence. Indeed, XRP has faced strong selling pressure every time it attempted to break above $1.50 over the past three months. Even today, after attempting to surpass $1.50 during the day, XRP retreated and was trading at around $1.45, down approximately 4% over a 24-hour period.

Finbold diagnosed that the market is currently entering a deleveraging phase. It analyzed that if the selling pressure from whale investors continues, the price of XRP could face further downward pressure in the coming days or weeks. Conversely, it added that there remains a possibility for a new upward rally to begin if top holders shift back to an accumulation trend.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*