Coinpaper
April 6, 2026 9:12 AM UTC

60M XRP Leaves Whale Hands — Is a Sub-$1 Dip Needed Before a Relief Bounce?

XRP Whales Offload 60 Million Tokens as Bears Target the $0.87–$0.92 Zone XRP is coming under renewed pressure as whale activity and weakening technical signals raise fresh questions about where the market could stabilize next. According to prominent crypto analyst Ali Martinez, data from Santiment shows that roughly 60 million XRP have been sold or redistributed by large holders over the past week. While redistribution does not always indicate outright selling, such movements are closely watched by traders because whale activity often precedes periods of heightened market volatility. Why is this the case? Well, large investors have the ability to influence liquidity and market sentiment, and the latest shift in holdings comes at a time when the broader cryptocurrency market is already experiencing increased selling pressure. As a result, many market participants are questioning whether XRP has reached a local bottom or if further downside remains ahead. XRP Paints a Cautious Picture The broader sentiment across the crypto market has turned more cautious, with XRP now caught in a wider wave of selling pressure. This has fueled debate among investors over whether the asset has already formed a local bottom or still has room to decline further before finding solid support. Market commentator CasiTrades adds to the bearish outlook, suggesting XRP may be entering a key phase of its current correction. Based on Elliott Wave analysis , she points to what appears to be a developing subwave 3 decline, typically one of the sharpest and most aggressive stages in a corrective cycle. She also highlights that XRP has slipped below a major support level that had held for months. Using Fibonacci extension levels, she identifies the $0.92 zone as a critical downside target, closely aligned with the widely watched $0.87 support area that many analysts believe could attract strong buyer interest if tested. In her scenario, XRP could see a swift drop toward $0.92 before staging a temporary relief bounce toward $1.20. However, she notes that caution should not be thrown to the wind because any recovery may face strong resistance, potentially setting up one final retest of lower support near $0.87. Despite the short-term bearish structure, some traders view the pullback as a necessary market reset. Such corrections often help clear excess leverage and speculative positioning, creating conditions for a more sustainable recovery if demand returns at key price levels. Currently, XRP is trading at $1.16 per CoinCodex data, down by 9.18% over the past week. With whale redistribution rising and key support under pressure, XRP sits at a decisive point, where the $0.87–$0.92 zone may ultimately determine whether the next major move is a deeper correction or the foundation for a broader recovery.