Within 48 hours, whale wallets holding 1,000,000-10,000,000 XRP unloaded 200 million XRP worth about $400 million, as per Santiment. Amid this, order books across Binance and Coinbase show the same pattern: new supply entered the market faster than demand could absorb it.
The heavy distribution from large XRP holders is not happening in isolation. Across the crypto market, the constant sell pressure has not come from large-scale fund offloading.
Rather, it has come from small wallets and short-term traders reducing exposure after weeks of persistent weakness. These accounts, which are usually the last to capitulate, have been supplying Bitcoin, Ethereum and XRP.
Their individual flows are not enormous, but collectively, they create the kind of background pressure that drags charts lower without any headline event. In that environment, a $400 million XRP offload lands on an already tired market.
However, the behavior of smaller holders also matters. Once they exhaust their selling, additional downside typically requires a new wave of supply.
What’s next for XRP?
If large holders do not follow through with another selling wave, the pressure will eventually dry out, and the price will often settle into a slower, more stable phase simply because the most reactive group has already sold.
For now, the immediate effect is clear: XRP faces a supply-heavy structure worth hundreds of millions of tokens and dollars. But what determines the next phase is not retail fatigue; it is whether another group of large holders adds to the 200 million XRP that has already hit the market.