XRP is said to have entered a distribution phase as large investors, or whales, liquidate their holdings to lock in profits following a significant price surge triggered by its inclusion in the US crypto reserve. Reports indicate that the XRP reserves on Binance rose from 2.385 billion to 9.003 billion, suggesting heightened selling pressure. Previously, XRP experienced an incredible increase of 2900% after former US President Donald Trump announced its addition to the crypto strategic reserve, as detailed in our previous analysis. Shortly thereafter, the asset plummeted to $22,024 before experiencing a slight increase to $22.9. Nonetheless, it has seen a 10% decline over the past 24 hours, causing its market capitalization to fall to $138 billion. Interestingly, it has been reported that whales are taking actions under the radar. Further elaborating on this, Ki-Young Ju, the founder of CryptoQuant, revealed that whales are “cashing out”. He stated that these major investors have raised their trading activities within the $2 to $3 range over the last month. Ki-Young indicated that the asset is presently going through the distribution phase. This refers to a time when significant investors sell off their holdings to lock in gains. Supporting this trend, another analyst named Maartunn stated that XRP is currently in a distribution phase.
XRP investors with large amounts of holdings are selling off their assets as the excitement from the ‘Trump Pump’ diminishes. What lies ahead for the cryptocurrency?
