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<\/p>\nOn-chain data shows the XRP whales have distributed a significant amount during the past week, a sign of negative sentiment among large holders.<\/p>\n
As announced by analyst Ali Martinez in a new whale” is typically defined as an XRP investor holding between 1 million and 10 million tokens. At the current exchange rate of the cryptocurrency, this range converts to $2 million at the lower end and $20 million at the upper one.<\/p>\n
Given the size of the range, the only investors who would qualify for the cohort would be the big-money hands. These holders can carry some influence in the market, making the group a key one for the network.<\/p>\n
Now, here is the chart from on-chain analytics firm Santiment shared by Martinez that shows how the supply of the XRP whales has changed over the last few months:<\/p>\n
As displayed in the above graph, the XRP whale supply has been following a downtrend since mid-November, indicating that the large holders have been distributing. The trend has continued during the past week, with entities belonging to the group collectively selling 510 million coins, worth more than $2 billion at the latest price.<\/p>\n
At the same time as the selloff over the last few weeks, XRP has witnessed some net bearish price action, implying that the whales may have had a role to play in it.<\/p>\n
Given that these humongous entities haven’t shown any signs of slowing down recently, it’s possible that the coin could see a further drop. It only remains to be seen, however, how whale behavior will develop in the coming days.<\/p>\n
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