Recent activity from large XRP holders, commonly called ‘whales’, has raised warnings about potential short-term price pressure despite the cryptocurrency recently reaching an unprecedented high of $3.65.
The volume of XRP moved from these large accounts to exchanges significantly surged, escalating from 141 million tokens to 260 million throughout July. A particularly notable single-day movement saw 660 million XRP transferred to trading platforms on July 18.
This pattern of increased inflows from whales onto exchanges is often interpreted by analysts as a precursor to selling pressure, potentially leading to price declines. Julio Moreno, Head of Research at CryptoQuant, has highlighted this correlation historically.
Despite the bearish signals from whale movements, XRP achieved its all-time high valuation driven by positive market sentiment and a concurrent decline in exchange reserves. Notably, XRP co-founder Chris Larsen also contributed to the outflow trend with a significant transfer of 50 million tokens from his holdings.