Whales Offload 30M XRP While Active Addresses Hit the Brakes 🐋

Whales have distributed more than 30 million XRP over the past five days, according to on-chain analyst Ali Martinez, representing roughly $33.6 million in sales at current prices. The selling arrived even as the XRP Ledger community rolled out the v3.2.0 mainnet upgrade, a release that had generated buzz across the ecosystem.

Martinez also flagged a sharp contraction in network usage, noting that XRP active addresses have fallen from approximately 50,000 to around 25,000 over the past two weeks, a nearly 50% drop. The decline in participation coincided with the broader selloff, underscoring weakening engagement on the chain despite the protocol upgrade.

Market technician Jordan Kerridge, known online as TheMartiniGuy, warned that XRP has lost a critical technical support level at $1.15, a breach that shifted sentiment bearish in the near term. The price action aligns with the on-chain distribution, as large holders appeared to reduce exposure while retail activity thinned.

The XRPL v3.2.0 upgrade itself introduced a series of amendments and performance improvements to the network, though the immediate market response remained muted. Developers have framed the release as part of a longer-term roadmap, with additional features expected in subsequent versions.

Taken together, the data points paint a picture of a token caught between technical progress and near-term selling pressure, with whales, network activity and price all leaning in the same cautious direction.