XRP is experiencing renewed concerns over potential price pressure as large holders, often referred to as ‘whales’, increase the distribution of their assets. Analysts warn this trend could negatively impact the cryptocurrency’s value.
Currently trading at $3.08, XRP has shown a 4.7% gain over the past 24 hours. However, its performance over the last week remains negative, having declined significantly from its peak near $3.6 observed in July.
Technical analysis indicates XRP is holding above key moving averages on the daily chart but remains confined within a short-term range between $2.95 and $3.10, lacking a decisive breakout.
Signaling bearish sentiment among prominent investors, a CryptoQuant analyst highlighted a sharp decline in the 90-day average whale inflow for XRP. This metric has turned negative, mirroring a pattern observed earlier in the year that preceded a local price top.
Adding to the cautionary stance, analyst Ali Martinez noted that over 720 million XRP could face renewed distribution pressure if these whale inflows fail to recover.
Analysts collectively suggest that without a reversal in whale accumulation patterns, XRP may encounter significant headwinds in maintaining current price levels and achieving stability.