Data from CryptoQuant shows a steady exit of large XRP holders over the past three weeks.
The retracement appears driven, in part, by this sustained whale distribution.
Since July 9, whale wallets—addresses that hold large amounts of XRP—have offloaded significant volumes. The 90-day moving average of whale netflows turned negative by 640 million XRP, equal to roughly $340 million. This trend aligns with the recent XRP price slump.
CryptoQuant’s 30-day moving average of whale flows confirms the pressure. It indicates consistent selling activity from top-tier holders, suggesting limited confidence in near-term gains.
Meanwhile, crypto analyst Nebraskangooner warned that XRP’s price could face a “full pump retrace,” a move where the token may return to the base of its last rally near $2.
BDACS recently launched XRP custody services for Korean institutions. The move reflects growing institutional interest, although on-chain data suggests current sentiment among whales remains bearish.