As the majority of assets in the cryptocurrency market take a bearish turn, the sector’s largest holders – whales – have dumped a whopping 2.23 billion XRP, worth roughly $5.5 billion, over just five days, suggesting a major shift in general sentiment.
Specifically, there has been a steep decline in large-holder balances between 100 million and 1 billion XRP, signaling that several whale wallets have been selling or redistributing their holdings since October 10, according to a chart from on-chain data analytics platform Santiment shared by crypto trading expert Ali Martinez on October 14.
Still, the market’s reaction has so far been a bit muted, hinting that either demand has quietly absorbed the selling pressure or that retail sentiment remains cautiously optimistic. Additionally, XRP funds have just marked their 18th week of positive (albeit slowed) institutional inflows with $61.6 million.
Is the dump bullish or bearish?
Although large-scale selling often sparks fear, whale movements don’t necessarily mean doom. Historically, similar dumps have preceded accumulation phases, as profit-taking whales exit and mid-tier investors scoop up tokens at lower prices.
In fact, this latest wave of selling might align with broader portfolio rebalancing as major holders rotate out of XRP during a period of uncertainty surrounding the upcoming decisions of the United States Securities and Exchange Commission (SEC) related to XRP exchange-traded funds (ETFs).
For the time being, XRP is changing hands at the price of $2.46, indicating a decline of 6.02% in the last 24 hours, a 16.96% dip across the previous seven days, and an accumulated loss of 20.02% on its monthly chart, according to the latest data.
If it holds the next key support region at around $2.3, the token can still rebound, especially if Bitcoin (BTC) resumes its upward momentum and reignites risk appetite across altcoins. Either way, the coming days will tell whether this is the start of deeper distribution or a prelude to the next rally.
What do you think?
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