Large XRP holders accumulated roughly 65.32 million XRP worth nearly $72 million over the past four days, according to analyst Ali Martinez, a move that contrasted with selling by large Bitcoin and Ethereum investors.
The XRP whale supply rose from about 3.90 billion to 4.00 billion tokens, Martinez said. The accumulation came as the broader crypto market showed heavy distribution by large holders of BTC and ETH.
Bitcoin and Ethereum whales cut exposure
Bitcoin whales reduced their holdings by more than 34,000 BTC, roughly $2.6 billion, over the past week, Martinez said. The selling coincided with Bitcoin’s price falling from $79,000 to below $73,000.
Chart data cited by Martinez showed Bitcoin whale supply declining from about 5.28 million BTC to 5.24 million BTC during the recent sell-off.
Ethereum whales sold at a slower pace, offloading about 17,800 ETH worth roughly $40 million over the past week. Their supply moved from approximately 25.8 million ETH to 25.7 million ETH, according to the chart cited by Martinez.
XRP chart tests support
On the four-hour chart, Martinez said XRP had reached the lower boundary of a descending channel that has defined its price action over the past month. The token was trading at nearly $1.16.
Martinez said that if $1.14 holds as support, XRP could rebound toward the channel’s upper boundary at $1.30. That move would represent a potential 13% gain from the levels cited. The $1.14 support level remains central to the rebound scenario.
