XRP Price Correction Continues Amid Rising Whale Distribution

The recent trend of the XRP price is concerning for investors, as it has been trapped in a falling trend since the beginning of the year.

According to on-chain data analysis, the token's market capitalization has declined significantly, and it has struggled to rally beyond its multi-week supply wall near $1.50.

The main reason behind this stagnation is attributed to low demand from whale investors, led by spot XRP exchange-traded funds (ETFs).

However, the near-term outlook for XRP leans heavily towards bearishness due to rising distribution among whales.

The 365-day Simple Moving Average (SMA) for XRPL whale-to-exchange transactions has spiked to an all-time high above 5,500 as of reporting time, according to data from CryptoQuant.