Key facts
- Over 30 million XRP tokens, valued at approximately $33.6 million, were sold by whales in the past five days.
- Active XRP addresses have decreased by nearly 50%, falling from 50,000 to around 25,000 in two weeks.
Despite the recent v3.2.0 XRPL mainnet upgrade, XRP has seen significant selling pressure from whales, with over 30 million tokens offloaded. Network activity has also dropped by nearly 50%, indicating reduced participation.
The significant selling by large investors and the decline in network activity suggest a bearish sentiment for XRP, potentially overshadowing the positive impact of the XRPL upgrade and raising concerns about future price performance.
Despite the rollout of the XRP Ledger's v3.2.0 mainnet upgrade, which included infrastructure enhancements and a rebranding of its core server to 'xrpld', XRP has experienced significant selling pressure. Crypto analyst Ali Martinez reported that whales have distributed over 30 million XRP tokens in the last five days, valued at approximately $33.6 million. This selloff occurred alongside a nearly 50% decrease in active XRP addresses, dropping from 50,000 to around 25,000 in two weeks, indicating reduced network participation.
Technical analysis also points to bearish sentiment, with analyst Jordan Kerridge noting that XRP has broken a crucial support level at $1.15. Multiple attempts to push the price back above $1.22, $1.25, and $1.28 have failed, and the support level itself is now faltering. Kerridge observed a lack of aggressive buying activity and warned that XRP could continue to struggle if it cannot quickly reclaim lost ground.
The v3.2.0 upgrade, while bringing alignment to the XRP Ledger's ecosystem identity and including security fixes for various protocols, has not positively impacted the XRP price. The rebranding of 'rippled' to 'xrpld' under the XLS-0095 update generated community hype but failed to translate into price gains.