90 Million XRP In 72 Hours. Here’s What Happened

Whales in Motion Amidst ETF Anticipation

The market surrounding XRP has entered a critical juncture, with on-chain data revealing sharply increased activity among large wallet holders just ahead of the forthcoming U.S. spot ETF launch. Over 72 hours ending November 11, 2025, wallets holding between 1 million and 10 million XRP reportedly offloaded roughly 90 million tokens. This disclosure aligns with a 2.9% drop in XRP’s price to about US $2.45, signaling intensified distribution pressure and heightening investor caution.

According to analysis from Santiment, the segment of holders containing 1 million to 10 million XRP exhibited elevated outflows in the lead-up to the U.S. spot XRP ETF launch. This data highlights that these mid-sized whales have been actively reducing exposure.

This move occurs concurrently with spikes in “dormant supply” metrics—tokens inactive for over a year being re-activated—which typically represent long-time holders choosing to sell rather than accumulate. While wholesale accumulation remains possible, the size and timing of these flows emphasize a clear shift in market dynamics.

Price Mechanics and Market Sentiment

The timing of the sale coincides with mounting market anxiety. The price of XRP slid from near US $2.54 toward $2.45 as whale activity intensified. At the same time, retail-level engagement surged: Santiment data shows over 21,000 new XRP wallets created in 48 hours—the fastest growth in eight months.

This divergence—whales selling while new-wallet growth spikes—suggests supply pressure may be overshadowing fresh demand, increasing short-term risk.

The Spot ETF Context

The backdrop of these flows is the pending U.S. spot XRP ETF launch scheduled for November 13. Institutional interest in XRP is heightened, and large holders may be repositioning ahead of the listing.

The distribution by whales can serve multiple purposes: locking in gains before a major liquidity event, reducing risk ahead of heightened volatility, or both. As one analyst noted, until whale selling pressure subsides, upside remains constrained. In other words, the ETF context triggers both opportunity and disturbance.

Looking Ahead: Key Dynamics to Watch

In the coming days, three dynamics deserve close monitoring. First, whether the spot XRP ETF launches smoothly and attracts meaningful capital. Second, whether whale outflows decelerate or reverse—cessation of large-scale selling would be a positive sign.

Third, whether XRP successfully defends the support zone near US $2.40 and begins to reclaim resistance around US $3.00. Failure on either front could lead to deeper correction; success may signal the start of a new accumulation phase.

In conclusion, the 90 million XRP offload over 72 hours marks a noteworthy event in XRP’s current cycle. Whether this signals final-stage distribution ahead of a bullish leg or early signs of profit-taking remains to be determined.

Either way, the market’s eyes are firmly fixed on this week’s ETF launch and the behavior of whale holders in the wake of it.