Event: On-chain data reveals that approximately 150 million XRP were redistributed by large holders over the past 48 hours, contributing to short-term selling pressure. However, the number of whale wallets holding over 100 million XRP has decreased by 20.6% in eight weeks, while the total XRP held by remaining whales reached a seven-year high of 48 billion tokens.
Significance: This dual trend suggests a strategic consolidation by sophisticated investors rather than widespread capitulation. Fewer, but larger, holdings indicate market maturation and a tightening of supply among influential holders, which can be a bullish long-term signal despite immediate price dips.
Details: The redistribution of 150 million XRP by whales contributed to XRP briefly dipping below $2.00. However, analysis by Santiment shows a notable decline in the number of wallets holding over 100 million XRP, with 569 such wallets exiting this category. Concurrently, the total XRP held by the remaining whales has reached a multi-year peak of 48 billion, indicating a shift towards larger, more concentrated holdings. XRP is currently trading around $2.19.
Trading Insights: While the short-term selling from redistribution can create volatility, the underlying consolidation by major holders suggests long-term confidence. Traders should differentiate between short-term noise and strategic accumulation. Watching for sustained price recovery above key resistance levels like $2.30 will be crucial.
Implications: The on-chain data points to a market where supply is becoming more concentrated in fewer, stronger hands. This strategic accumulation, coupled with regulatory clarity from the SEC-Ripple settlement, could position XRP for a significant long-term breakout, as institutional interest solidifies its demand profile.
