- XRP whale wallets dropped 200M tokens amid slowing accumulation in September
- On-chain data shows 6.74B XRP still held by whales, signaling long-term confidence
- XRP trading with strong support at $2.96 and a critical resistance near $3.16
XRP whales have offloaded over 200 million tokens in just two weeks, raising eyebrows across the market. This shift comes as price action flirts with a critical support level around $2.96.
Whale Moves Signal Shifting Sentiment
Data from Santiment shared by market watcher Ali Martinez shows a noticeable dip in the holdings of wallets with 1M–10M XRP—commonly considered “whale wallets.” Between early July and mid-September 2025, these wallets saw significant accumulation, especially during XRP’s sharp rally in early July.
At that time, XRP’s price shot up, peaking in mid-July. Whale accumulation followed this trend, suggesting that whales were either driving or anticipating the rally. Even as prices declined after peak, accumulation continued, indicating long-term bullish expectations.
However, from mid-August, the trend began to shift. XRP holdings among whales reached a local peak of 6.74 billion, then accumulation started to taper off. This caused XRP price to consolidate and fail to break higher, early signs of distribution or a cautious stance among large holders.
Price Action Hangs on $2.96 Support
As of this writing, XRP is trading at $3.0233, showing a modest +0.43% 24-hour gain. The broader structure, however, is tilting towards caution. The price recently faced rejection near $3.16, a known resistance. With the market unable to form a higher high, momentum has weakened.
Technical analysis of the XRP/USDT chart outlines a key support at $2.96. If this level fails, it opens a downside path toward $2.88 and potentially $2.80, levels previously tested during early September. A breakdown below $2.96 could trigger a bearish continuation pattern.
Supply Crunch on Coinbase Sparks Speculation
In a striking development, XRP reserves on Coinbase have plunged 90%, according to recent exchange data. This mass exodus of tokens from the exchange has led some analysts to warn of a potential supply crunch.
With spot volume at $953.67M, futures volume at $4.58B, and open interest sitting at $8.54B, XRP continues to attract both retail and institutional attention. The long/short ratio remains heavily skewed towards longs on platforms like Binance (3.4643) and OKX (2.33).
If current momentum holds, and the $2.96 support holds firm, XRP could stage another leg up. Analysts speculate that this dynamic—paired with the declining exchange reserves—could push XRP toward the $10 mark in the long run.
