XRP Sees Whale Buying Slowdown After Short-Lived Price Rally

Despite a turbulent stretch for XRP, some major holders appear to be doubling down on their positions.

Over the past month, addresses holding at least 10 million tokens have reportedly accumulated close to 900 million XRP, signaling continued interest from crypto whales even as broader market sentiment remains mixed.

This accumulation comes at a time when XRP has failed to deliver on a key breakout attempt. After testing resistance near $2.30 on April 28 and 29, the token quickly pulled back, coinciding with news that the U.S. SEC had postponed its decision on Franklin Templeton’s proposed XRP spot ETF.

Adding to the uncertainty, short positions against XRP surged to a one-month high at the end of April, reflecting rising skepticism. However, the token showed some resilience by rejecting a dip below $2.20, briefly touching that level before recovering to around $2.22.

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While whale accumulation is generally viewed as a bullish indicator, the sentiment isn’t unanimous. On April 28, one large investor moved over 29 million XRP—worth nearly $69 million—to Coinbase, a move that could suggest an impending sale. Additionally, recent data suggests that large-scale buying activity has tapered off since April 29, raising questions about the staying power of the bullish narrative.

In short, XRP’s outlook remains uncertain. While some deep-pocketed players are still accumulating, others appear to be preparing for a potential downturn—making the coming days critical for gauging the token’s next move.

Alexander Stefanov