XRP/BTC pair falls 15 weeks as whales buy 71 million XRP

XRP has seen almost no movement against the US dollar for the past fifteen weeks, hovering around the $1.38 mark while Bitcoin surged from $60,000 to above $80,000 in the same timeframe.

XRP/BTC pair faces sustained pressure

According to analyst ChartNerdTA, the XRP/BTC pair declined for 15 consecutive weeks, suggesting that Bitcoin’s rally absorbed much of the market’s momentum. As a result, XRP’s price in dollar terms has remained largely unchanged. In short, while Bitcoin rallied, XRP was unable to move, reflecting a balancing act between the two pairs moving in opposite directions.

ChartNerdTA observed, “As Bitcoin climbed from $60,000 to $80,000, the XRP/BTC pair fell for 15 straight weeks. That’s why the USD price of XRP has been trading sideways for so long.”

The lack of any upward movement over fifteen weeks makes clear that XRP has lagged significantly behind Bitcoin. Historically, the XRP/BTC ratio tends to decline further during periods when Bitcoin accelerates. However, some technical analysts suggest that such extended declines can often be followed by increased price volatility in the aftermath.

Large-scale buying signals quiet accumulation

Meanwhile, so-called “whale” investors have accelerated their accumulation of XRP recently. On-chain analytics reveal that over 71 million XRP have moved into whale wallets in just the past week. This surge took the combined whale holdings from around 3.71 billion to 3.80 billion XRP, with the most significant buying spike recorded between May 19 and 20.

On-chain data provider alicharts noted, “Whales accumulated 71 million XRP in the last week.”

This volume points to an unusual shift in positions. Notably, these sizable purchases took place without any major announcement or catalyst in price action, suggesting a discreet but persistent accumulation trend. Since early May, over 403 million XRP have been withdrawn daily from the Binance exchange, indicating that long-term holding strategies may be at play.

Glossary: On-chain data refers to the real-time tracking and analysis of cryptocurrency and wallet movements directly on the blockchain. This lets observers spot large withdrawals from exchanges or monitor whale accumulation as it happens.

Key technical outlook for XRP

Analysts believe that the most critical indicator is not the XRP/USD price but rather the XRP/BTC ratio, as it tracks XRP’s standing within the broader crypto market. While some technical analysts point out that lengthy periods of underperformance have historically been followed by significant rebounds, it is still unclear whether the current cycle will match past examples.

ChartNerdTA raised the question of whether XRP could approach $1,200 by the end of May, but with prices still lingering around $1.38, this level has remained a crucial support zone in recent weeks. The reasoning behind whales accumulating XRP at these levels remains uncertain for now.

What is clear, however, is that a significant amount of XRP has been transferred into whale wallets during the weakest period for the XRP/BTC pair. Whether a breakout will occur in the near term remains unclear at this stage.