XRP slipped below the $1 mark on Tuesday, down about 1% in the past day, while bitcoin pushed back above $64,000. The move came as whale activity spiked — nearly 40 transactions worth over $1 million hit the XRP Ledger in 24 hours, a 280% jump from the roughly 10 seen in the previous two days. But whether that's accumulation or distribution isn't clear yet. The divergence between bitcoin's recovery and XRP's slide is hard to miss.
Whale moves and what they mean
Over the past 24 hours, nearly 40 whale transactions — each over $1 million — were recorded on the XRP Ledger, according to data tracked by CryptoQuant. That's a 280% surge from the roughly 10 such transactions in the previous two days. The jump in large transfers often signals that big players are repositioning, but it doesn't tell you which way. Addresses holding between 10 million and 100 million XRP did accumulate about 72 million tokens in a single day, worth roughly $72 million at current prices. That's a notable stack, but it's not necessarily a bullish signal — the same addresses could be moving coins to exchanges to sell. CryptoQuant specifically flagged rising selling pressure on Binance, suggesting some of that whale activity might be distribution.
On-chain activity picks up
The XRP Ledger recorded nearly 50,000 active addresses within 24 hours, a multi-month peak. That's a healthy sign for network usage, but it hasn't translated into price support. XRP is trading just under $1.00, down 1% in the past day, and the repeated attempts to defend that level have left long traders nursing larger liquidation losses than their short counterparts.
Sentiment and derivatives
Social sentiment around XRP has fallen to a three-month low, according to sentiment trackers. That's a contrarian indicator — extreme pessimism sometimes marks a bottom — but it also reflects real frustration as the token keeps failing to hold $1. Open interest in XRP derivatives is approaching levels last seen around the October 10 liquidation event, which wiped out a chunk of leveraged positions. If open interest keeps climbing without a corresponding price move, the risk of another sharp squeeze grows.
The $1 level is the line in the sand. If the accumulation by large holders continues, it might hold. But with sentiment this sour and open interest climbing, the next move could go either way. Traders are left wondering whether the whales are actually buying or just repositioning before another leg down. The next few sessions will show whether the $1 defense holds or breaks.
