On November 15, XRP tumbled to $0.89, marking its lowest point in the past two years. This downturn followed the asset’s slip below $1 for the first time since mid-August, according to TradingView data, and continued through the weekend. XRP later demonstrated a slight recovery, rising to $0.963.
Massive 240 Million XRP Transactions Stir Market
At the $0.89 low point, Whale Alert identified two substantial transfers totaling 240 million XRP. Each transaction involved 120 million XRP, with an aggregate value of $215.2 million. According to data from XRPSCAN and Bithomp, these two transfers occurred just seven minutes apart.
Blockchain records suggest that both transfers were executed through the same set of three unnamed wallets. The funds originated from an address starting with rGMiNv, moved to an intermediary wallet beginning with r3bh7p, and then swiftly transferred to a third wallet starting with rpxh7h. After the series of transactions, only 98 XRP remained in the originating wallet.
TrackWhale categorized these transactions as part of a “rotation” while XRPSCAN data confirmed that none of the wallet addresses are tied to any cryptocurrency exchange or Ripple escrow accounts.
Despite the movement of 240 million XRP, there is no evidence that these assets have been deposited into any exchange. The identity of the wallet owners remains unverified publicly. XRPSCAN is recognized for its on-chain data analysis, tracking transactions and wallet activities within the XRP Ledger.
XRP ETFs Record Weakest Performance Since March
The decline in XRP’s value coincided with significant outflows from U.S. spot XRP ETFs. SoSoValue data illustrated a net withdrawal of $19.13 million from November 9 to November 13, culminating in the weakest weekly performance for these products since March 2026.
This market contraction isn’t confined to XRP alone. Glassnode data reveal a $17 billion reduction in the combined market capitalization of USDT and USDC over the past month, reducing it to $244 billion. This trend indicates a general contraction in liquidity entering the cryptocurrency market.
Liquidations Surge as XRP Futures Face Pressure
Following Bitcoin‘s dip below $67,000, XRP futures experienced $27 million in liquidations within a 24-hour span. CoinGlass reports that 97% of these were long positions, reflecting a significant closing of upward leveraged bets amid intensified selling pressure.
CoinGlass data shows that practically all liquidations in XRP-related futures occurred in long positions.
Additionally, Morpho data highlights the liquidation of cbXRP-backed loans. cbXRP represents XRP in specific platforms, and the liquidations in these products underscore the impact of the price drop on the decentralized finance sector.
