A massive selloff by XRP whales in November 2025 drove an outflow of 2.20 billion tokens worth approximately $4.11 billion, marking the largest monthly distribution in a 30-day period since March 2023. The movement, executed largely toward exchanges such as Binance and Coinbase, exerted downward pressure on price and reignited concerns around liquidity and institutional positioning.
Addresses holding between 1 and 10 million XRP collectively sold 2.20 billion XRP (about $4.11 billion) during November 2025, according to on-chain transfer records. The flow toward major exchanges like Binance and Coinbase coincided with increased selling intensity and helped set the tone for the month’s price action.
Several concentrated episodes intensified the decline, including transfers valued at $480 million and $402 million within 48-hour windows, as well as movements reported by Whale Alert such as a transfer of 92.6 million XRP valued at $214 million. Additionally, a sale attributed to Ripple’s co-founder for $120 million added psychological pressure to a market already contending with heavy supply.
The unwinding of positions occurred in parallel with the launch of exchange-traded funds (ETFs) linked to XRP. The debut of Grayscale’s GXRP and other issuances, including Canary Capital’s XRPC, saw initial inflows — around $250 million on the first day for XRPC — but did not prevent subsequent price declines consistent with a “buy the rumor, sell the news” dynamic. In practice, the appearance of institutional vehicles functioned, in part, as a liquidity avenue for large holders seeking to monetize positions.
Ripple’s monthly release program — scheduled unlocks of 1 billion XRP that can be partially relocked or allocated to development — provides a predictable supply flow that, combined with concentrated sales, can amplify selling pressure during periods of weak demand.
Implications for traders and managers
For traders and managers, the operational lesson is twofold. The concentration of supply in a few addresses increases the risk of instant liquidity events that can trigger technical breaks and liquidations in derivatives, with leverage magnifying losses when volatility spikes.
On the other hand, intermittent recoveries — such as a rebound up to $2.44 observed after market liquidations of $19,000 million — reveal accumulation opportunities for actors able to absorb flow, indicating that depth can reappear quickly when selling pressure exhausts.
Technically, support levels cited after the drop clustered around $2.15 and $2.10, and the market’s ability to hold those floors will steer the short term. The increase in retail activity — 21,595 new wallets in early November 2025 — suggests that part of the market read the correction as an entry point, although the rotation between whale liquidations and ETF flows will continue to condition volatility.
The $4.11 billion whale sale in November 2025 stands as a benchmark for XRP liquidity and underscores the influence of concentrated holders and institutional product events in price formation.
