According to Santiment, within 48 hours, 200 million XRP worth approximately $400 million was unloaded from whale wallets holding between 1,000,000 and 10 million XRP. In this context, the order books of Binance and Coinbase show the same pattern. This means that new supply entered the market faster than demand could absorb it.
Mass distributions from large XRP holders are not happening in isolation. Across the cryptocurrency market, continued selling pressure is not being driven by large-scale capital offloads.
Rather, it was due to smaller wallets and short-term traders reducing their exposure after weeks of weakness. These accounts, which are usually the last to surrender, have been supplying Bitcoin, Ethereum, and XRP.
$190 million of XRP was sold by whales in the last 48 hours. pic.twitter.com/nB0P7jADCx
— Ali (@ali_charts) November 20, 2025
Those individual flows aren’t huge, but collectively they create the kind of background pressure that pulls the chart down even in the absence of a headline event. In that environment, $400 million of XRP offloads will land in an already exhausted market.
However, the actions of small holders are also important. Once the sell-off is exhausted, further declines typically require a new wave of supply.
What’s next for XRP?
If large holders do not follow another wave of selling, the pressure will eventually dry up and the price will often settle into a slower, more stable phase simply because the most reactive group has already sold.
For now, the immediate impact is clear. XRP faces an oversupply structure worth hundreds of millions of tokens and dollars. But it’s not retail fatigue that will determine the next step. The question is whether another large group of holders will join the 200 million XRP already on the market.