XRP Whales Dump Record $120M in Single Day

XRP, the native cryptocurrency of the XRP Ledger, has been experiencing a significant sell-off by large holders, commonly referred to as "whales." According to crypto analyst Miles Deutscher, the single-day dumping volume has surpassed $120 million USD, indicating a record pace of selling by these large holders.

Since the price of XRP surged over 500% in November 2024, large holders have been actively selling off the token. This trend suggests that XRP is currently in a phase of heavy distribution, with whales taking advantage of the recent price increase to liquidate their holdings.

The Crypto Quant data, as shared by Deutscher, reveals that the XRP 90-day moving average shows daily sell-offs ranging from approximately $120 million to $180 million. This consistent selling activity by whales indicates a potential shift in the market dynamics of XRP, which could have implications for the token's price and overall market sentiment.