New allegations of market manipulation have surfaced around XRP after a burst of atypical whale activity precipitated sharp liquidity shifts across major exchanges. On-chain observers say that very large XRP holders appear to be moving billions of tokens in ways that could influence price action, target leveraged positions, and exploit thin liquidity during key trading sessions.
Are whales running the market? Some analysts now argue that large XRP holders are deliberately shaping resistance levels into liquidity magnets. Crypto commentator Cheeky Crypto pointed out that as XRP repeatedly tests the $1.45 area, the resistance looks less like natural market supply and more like a deliberate liquidity zone constructed by big players.
Behind that view lies a substantial token overhang: roughly 1.16 billion XRP is cited as creating a persistent supply pressure, along with what some describe as a hidden market pipe that funnels sell pressure into specific price bands. Retail traders reading repeated rejections at resistance may see weakness, while institutional actors are reportedly absorbing some of that sell flow through spot ETFs and other off-exchange mechanisms.
On-chain flows support the narrative of concentrated movement. In one 24-hour period, about 34.94 million XRP left exchanges, and automated market maker activity on the ledger is being flagged as contributing to short-term supply-demand imbalances.
Regulatory developments also factor into trader expectations. Work by the U.S. Senate Banking Committee on a so-called Clarity Act — which could clarify whether certain digital assets are treated as commodities — is being watched closely; a formal classification could materially change how XRP is traded and held. Meanwhile, disclosures of large institutional positions in spot XRP products, such as a reported $153.8 million stake tied to a major bank, are being read by some as the start of broader institutional interest in the asset.
Stablecoin and tokenized-asset activity on the XRP Ledger is another bullish data point cited by supporters. Exchange flow data noted by industry participants showed more than $115 million worth of XRP withdrawn from exchanges in a day, a pattern often interpreted as coins moving into private custody rather than being staged for immediate sale.
On-ledger tokenization has expanded rapidly: tokenized real-world assets on XRPL are reported to have climbed to about $3.03 billion, roughly a 45% increase over the prior 30 days, while stablecoin balances on the network approach $498 million and transfer volumes continue to rise. Institutional pilots are also advancing — firms including Ondo Finance, a JPMorgan-linked initiative, Mastercard and Ripple reportedly demonstrated a near-real-time cross-border redemption of tokenized U.S. Treasuries using XRPL rails.
Despite large withdrawals by whales, growing stablecoin activity, and early institutional settlement tests, the network’s on-chain operations continue to function efficiently. For many observers, the increasing activity and real-world use cases are the primary reasons market participants are paying attention to XRP — even as debate intensifies over whether concentrated holders are exploiting liquidity dynamics to their advantage.
Traders and analysts will likely keep watching exchange flows, on-ledger tokenization metrics, ETF disclosures and any regulatory clarity for signs of whether current price behavior reflects genuine adoption or coordinated positioning by large holders.