Just noticed something interesting in the XRP market. Whales holding between 10 million and 100 million tokens have been quietly accumulating massive amounts of XRP over the past few months. We're talking about 3.17 billion tokens worth roughly $4.5 billion that these mid-tier whales have built up since October 2025. Their share of circulating XRP jumped from 12.21% back then to 17.04% now, which is pretty significant.

What caught my eye is the timing. This accumulation really picked up during the market downturn, especially between mid to late November when they added 2.49 billion XRP in just three weeks. Meanwhile, the price has been brutal - down about 61% from the July peak of $3.66 to around $1.43 currently. But these whales didn't seem to care about the red candles. They just kept buying.

Interestingly, smaller whales have been doing the opposite. They've distributed about 3 billion XRP since October, which suggests some repositioning happening in the market. Whether this is smart accumulation at the bottom or just whale games, I guess we'll find out soon enough.