Whale-Sized XRP Hoarding Still Can't Pull the Price Out of the Iceberg

XRP is currently chilling at $1.40, down a modest 0.56% for the day after taking a 9.17% nosedive from its March 16 high of $1.55. This little dip was enough to send the token back below the $1.4367 support line, which has now kindly flipped its role to become a fresh resistance barrier—classic crypto behavior.

Glassnode’s Net Unrealized Profit/Loss (NUPL) metric paints a picture of consistent pain, showing the XRP network has been swimming in the red for most of the last seven weeks. After a hopeful peak near 0.22 in late January (back when price was dreaming above $2), it face-planted to -0.19 on Feb 5. It then settled into a comfortable rut between -0.03 and -0.08 from mid-February through March. A brief, caffeine-fueled bounce to roughly 0.065 tagged along with the March 16 rally, but the reading has since slid back to around -0.03. Translation: most XRP holders are still staring at unrealized losses on their screens, and they'll need a sustained push above $1.51 just to see the NUPL flip green.

In a classic "buy the dip" move, the mid-tier whales (wallets holding 10–100 million XRP) have been quietly vacuuming up supply. Since early March, this crew has added about 500 million XRP, boosting their total balances from roughly 10.77 billion to 11.09 billion. With an average entry price of $0.61, that’s about $305 million of fresh, hopeful exposure—and notably, these wallets haven't panic-sold any sizable chunks since the March 16 high, showing more diamond-handed resolve than a degen in a leverage storm.

Despite this impressive hoarding, the price chart is telling a different, more depressing story. The daily view reveals a pink-shaded distribution zone between $1.43 and $1.52 where sellers happily soaked up the rally like a sponge. A measured move projects that 9.17% decline from the range top, targeting $1.38–$1.39—a zone where XRP is already loitering at $1.4007. A close below $1.3392 would open the trapdoor to the next support tier at $1.2852, with a deeper, darker floor at $1.2127 marking the last major multi-month low.

On the brighter side, reclaiming $1.4367 would at least neutralize the short-term bearish pressure. Actually breaking back above $1.5119, however, would likely require both continued whale accumulation and a broader market catalyst—something more substantial than a random Elon tweet. The pending Evernorth treasury deal, a $1 billion structure that could involve XRP contributions from Ripple, might just provide that spark if it ever materializes, giving the whales something to show for their efforts.