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XRP’s latest pullback has become a whale-flow story, with large holders unloading tokens as the market failed to sustain a short-lived recovery. Wallets holding at least 1 million XRP redistributed and brought more than 30 million tokens into the market over five days, adding pressure after price momentum had already weakened. The move is notable because XRP had recently benefited from improved macro risk appetite and calmer logistics conditions. Instead, large holders turned the rally into exit liquidity, pushing selling pressure back into focus while traders reassessed whether the rebound had real depth.
On-chain data showed combined holdings among large XRP addresses falling from 3.82 billion to 3.77 billion tokens. That shift injected excess liquidity into spot markets and offset recent optimism. XRP started its move from around $1.14 on June 14, climbing rapidly toward $1.29 by June 16. As price approached resistance, millionaire wallets began locking in profits. The token then slid through support levels and fell to $1.1273 by June 19, aligning the whale distribution with the moment bulls needed follow-through.
The downturn was intensified by derivatives stress. Leveraged long positions were forced out as the decline accelerated, turning a normal reversal into a sharper liquidation cascade. The source of the macro shock was the FOMC meeting, where extremely hawkish rhetoric from new Federal Reserve Chair Kevin Warsh froze expectations for an imminent interest rate cut. For XRP, that macro development coincided with weakening chart structure, and derivatives activity amplified spot pressure rather than giving buyers time to rebuild support.
Institutional flows, however, did not fully confirm a panic. U.S. spot XRP ETF data showed steady capital inflows, including $5.30 million at the June 16 price peak and another $2.55 million during the June 18 decline. The divergence between fund demand and whale selling suggests the current exodus may be temporary and speculative rather than a complete institutional rejection of XRP.
The next key battleground is the $1.05 support zone. For now, XRP is caught between ETF demand and whale distribution, leaving price vulnerable until large-holder selling slows near key levels and buyers reclaim momentum with conviction.
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