Key facts
- Whale transactions on the XRP Ledger dropped from 70 to 2 in the past week.
- US spot XRP ETFs saw $7.18 million in net outflows.
- The decline in whale activity and ETF outflows is linked to geopolitical tensions, specifically the US-Iran conflict.
- XRP price experienced a dip to $1.06 before rebounding slightly.
- XRP futures open interest saw an increase, indicating renewed interest from derivatives traders.
The XRP Ledger has experienced a significant decrease in whale transaction activity, with large transfers dropping from 70 to just 2 in the past week, according to crypto analyst Ali Martinez citing Santiment data. This sharp decline in whale interest suggests reduced demand for the cryptocurrency and its underlying blockchain, potentially indicating a consolidation phase.
This trend coincides with substantial outflows from US spot XRP Exchange Traded Funds (ETFs), which saw $7.18 million in net outflows last week, marking a four-month low. This erosion of institutional interest is attributed, in part, to the escalation of the US-Iran conflict, which has created broader market uncertainty and dampened enthusiasm for potential XRP price recovery.
The XRP Whale Flow 30-day moving average indicator has also turned negative for the first time in nearly four months, signaling selling pressure from whales. Despite a recent price dip to $1.06, XRP has seen a slight rebound to $1.07, accompanied by an 18% increase in trading volume. Analysts suggest key support levels for XRP are around $0.90, with further levels at $0.80, $0.62, and $0.51. Concurrently, XRP futures open interest has risen, indicating continued speculative interest from derivatives traders.