According to Maartunn, a pseudonymous cryptocurrency analyst at CryptoQuant, XRP whales are currently in the process of heavily offloading their tokens.
🚨XRP Whales are selling heavily
It's clear distribution.
On-chain data tells the story.
In data, we trust. pic.twitter.com/MoMk1Fx4Lg
The chart shared by the analyst shows that whale flows on the XRP Ledger recently flipped into negative territory.
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A similar pattern, for instance, could be seen in early 2025, when the price of the token reached a local peak. This coincided with sustained whale distribution. Of course, the XRP token suffered a major correction back then.
XRP struggling to reclaim $3
According to CoinGecko data, XRP is currently struggling to reclaim the $3 level, currently trading just below the key price level. Earlier today, the token plunged to an intraday low of $2.89.
Meanwhile, $69 million worth of XRP tokens was recently transferred from Upbit, the leading South Korean exchange, to an unknown wallet.
$8 billion worth of OI
At the same, open interest (OI), which measures the total value of outstanding XRP futures and options contracts, currently stands at $8.11 billion. This represents a 3.55% increase over the past 24 hours.
CME's XRP futures are gaining more popularity with a 16% increase increase in OI. As reported by U.Today, they recently became the fastest contract of the Chicago-based trading behemoth to reach $1 billion in OI.
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