A mass sell-off by XRP whales totaled approximately $4.11 billion, marking the largest 30-day outflow since March 2023. The liquidation coincided with the launch of XRP-linked ETFs and intensified market-wide selling pressure, weakening liquidity and pushing price action toward the $2.00–$2.20 support range.
Largest whale outflow since March 2023 intensifies downside pressure
Large XRP holders executed roughly $4.11 billion in sales over 30 days, a scale unseen since March 2023. While that earlier episode preceded a 41% price rise, November instead delivered persistent sell-side dominance, underscoring how concentrated flows can lead to sharply different outcomes depending on market absorption.
The distribution wave emerged alongside the debut of ETFs such as NASDAQ-listed XRPI and BATS-listed XRPR. Initial institutional inflows reached hundreds of millions in their first week but proved insufficient to offset whale selling, contributing to roughly $19 billion in liquidations across the crypto market.
NUPL — Net Unrealized Profit/Loss — tracks the difference between current valuation and acquisition cost. During the November event, XRP’s NUPL dropped below 0.25, an area commonly categorized as “fear,” signaling weakened buying conviction.
Liquidity stress was felt across venues as whale supply increased execution risk for exchanges, market-makers and institutional desks. Large orders faced greater slippage and elevated liquidation risk, while tactical accumulation by some participants added volatility.
For institutional treasuries, the event demonstrates the importance of monitoring exchange balances and on-chain flows. Planning stress scenarios where ETF inflows fail to counter large-holder outflows becomes critical for execution and liquidity defense.
The November sell-off underscores the influence of concentrated holders over XRP’s short-term trajectory. The episode highlights how new ETF vehicles were unable to neutralize mass distribution, reinforcing the need for traceability and active liquidity management.
