The whale, which held between 100,000 and 10 million XRP tokens, offloaded approximately 70 million XRP within 48 hours. Market analyst Ali Martinez highlighted this data in a tweet Friday.
The information from Santiment highlights new distributions by large holders after a brief buildup earlier in the week.
Notably, the XRP sale comes amid a 5% price increase over the past day. XRP is currently trading at $2.54, hitting a new weekly high after falling to $2.3.
Related: XRP Price Prediction: Buyers Remain Support Amid Breakout Expectations
Discontent data: Whales offload 70 million XRP as price reaches weekly high
The attached chart showed that investors who sold 70 million XRP in the past three days have gradually reduced their balances since mid-September. This supports the view that the latest 70 million XRP dump was part of a sustained downward trend in whale accumulation.
The October 23 sale followed a short period of accumulation earlier in the week. On October 21st, Martinez reported that the whale had accumulated 30 million XRP in 24 hours, suggesting a buy-on-the-moment attempt. However, the same group of investors sold more than twice that amount within 48 hours.
October trends: Over 2.7 billion XRP distributed by large holders
This selloff comes after two big moves earlier this month. On October 8th, the whale sold 440 million XRP in 30 days, but by October 14th, it had sold an additional 2.23 billion XRP from the previous Friday.
Together, these movements amount to over 2.7 billion XRP sold in October, showing consistent distributions from major holders.
XRP price maintains $2.50 zone despite whale selling pressure
XRP traded at around $2.39 on October 23rd, but rose 4% from the previous day to $2.54, reflecting a mild stabilization in price despite increased selling activity.
The price of the token has been trending downward throughout this month. On October 8th, XRP closed near $2.85. By October 14th, it had fallen to about $2.45.
The consistent decline suggests that recent whale activity has contributed to weakening price momentum. Large trades like this often impact sentiment, with retail traders reacting cautiously when large holders start unloading their tokens.
Related: Store RLUSD on BNY Mellon, XRP Bull Run Builds on Ripple Prime Debut
Disclaimer: The information contained in this article is for informational and educational purposes only. This article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the use of the content, products, or services mentioned. We encourage our readers to do their due diligence before taking any action related to our company.