XRP experienced significant volatility after its price dropped from $1.34 to $1.15 within several days, sparking concerns among retail investors. During this downturn, large holders, often referred to as “whales,” began to increase their positions in the token despite the broader sell-off.
The midterm election impact on crypto markets
The latest price decline was closely tied to the United States midterm elections held on November 3, when Democratic candidates secured control of both chambers of Congress. Notable Democratic victories in key races, including some in Texas, led to heightened uncertainty in the cryptocurrency sector.
XRP had already fallen by 16% in October and faced continued selling pressure as it started November below the technical resistance level of $1.50. Market participants expressed concerns that the Democratic sweep would complicate efforts to enact crypto-friendly legislation.
The CLARITY Act, which aimed to create a clear regulatory framework for digital assets, failed to progress in the Senate. Uncertainty over possible new regulations and the fate of the bill further weighed on sentiment. As of now, XRP is trading at $1.16, down 7.52% from the prior week.
Whale accumulation during the sell-off
Crypto analyst Ali Martinez shared data showing that during the five-day price slide, whale wallets accumulated more than 16.46 million XRP. According to analytics platform Santiment, total whale holdings rose from about 6.32 billion to 6.35 billion XRP during this stretch.
“Price is falling. Whales are buying.”
Martinez’s analysis also revealed that the number of wallets holding at least 1 million XRP reached its highest level for 2026, with 28 new large holders added in just 10 days. Whale holdings grew from 2.35 billion to 2.63 billion XRP between November 3 and November 5.
In addition, more tokens have moved off exchanges and into private storage, a pattern typically associated with investors intending to hold rather than sell. This trend reinforces the interpretation that larger market participants are positioning themselves for the longer term.
Mini dictionary: Santiment, a blockchain analytics platform, provides data insights on whale activity, token holdings, and network behavior for various cryptocurrencies.
| Metric | Nov. 3 | Nov. 7 | Change |
|---|---|---|---|
| XRP Price | $1.34 | $1.15 | -14% |
| Whale Holdings | 6.32 billion | 6.35 billion | +0.03 billion |
| Large Wallets (≥1M XRP) | N/A | 28 added | High for 2026 |
Outlook for XRP
Despite increased whale accumulation, XRP has been unable to recover the $1.30 level it lost before the election results. A close above this price would be seen as a sign of positive momentum among investors, but there is no assurance that whale buying will spark an immediate rebound.
However, sustained interest from large holders signals that some participants consider XRP attractive at its current valuation, even as broader uncertainty persists in the market.
