Nearly 470 million XRP were offloaded by whale wallets, totaling over $1 billion in value based on recent trading prices.
XRP dropped from $3.35 to $2.85, converting former support zones into resistance, weakening the token’s near-term technical structure.
Order book data reflects lighter liquidity, increasing downside risk as the asset hovers just above the $2.80 support level.
XRP has experienced one of the largest wallet liquidations in recent months, with whale accounts dumping nearly 470 million tokens. These transactions amount to more than $1 billion in value, based on current prices. The movement, identified by analyst Ali Martinez, has been visible on-chain and coincides with the asset falling below critical price thresholds.
The market impact of this liquidation has been immediate. XRP fell from $3.35 to a low of $2.85 on August 20. Although there was a minor rebound, the previous support of $3.10 has now become a resistance point.
https://twitter.com/ali_charts/status/1958001795311284569
This shift highlights growing downward pressure specific to XRP, as similar patterns have not been observed in Bitcoin or Ethereum over the same timeframe.
Order Books Show Lower Liquidity and Buying Power
With the ongoing sell-off, liquidity across exchanges has decreased. Order books are thinner compared to earlier in the month, leading to weaker price support and increased volatility. Attempts to push the price higher have been met with consistent selling, indicating that bearish momentum may persist.
XRP is now trading close to the $2.80 mark. If this level fails to hold, the market may revisit the summer base near $2.50. This zone is seen as the next major support. Market participants are watching closely as the token attempts to stabilize after the sharp downturn.
Possible Reasons Behind the Exit
While the exact motives behind the whale activity remain unclear, several factors could be at play. These include profit-taking after July’s rally, portfolio reallocations, or outright cashing out. Regardless of the cause, the scale of movement has significantly affected market sentiment and price action.
Adding to the turbulence, a $606 million XRP transfer linked to Ripple was recorded. While no direct correlation to the price drop has been confirmed, the timing has fueled speculation about broader shifts in whale strategy.
