XRP (XRP) Whales Offload 90 Million Tokens in a Week

Whales Shed 90 Million XRP

XRP (XRP) distribution by large holders is accelerating just as network engagement collapses, according to on-chain data from Santiment highlighted by analyst Ali Martinez. Whale wallets sold or redistributed approximately 90 million XRP over the past week — a sharp reversal from August, when the same cohort accumulated around 400 million XRP and helped fuel the token's climb from $1 toward $1.70. The renewed supply overhang lands at a delicate moment: as of September 12, 2026, the asset is changing hands near $1.35-$1.36, roughly a fifth below its recent peak. Activity on the XRP Ledger has thinned out even more dramatically. Daily active addresses plunged from 388,492 during the rally to 38,163, a decline of more than 90%, showing that participation faded alongside the price. Martinez flags a dual risk here: direct sell pressure from large wallets, and the chance that smaller holders mirror the exits and deepen the correction. Our read of the flow is that distribution of this scale, without a recovery in address growth, tends to cap short-term bounces.

Ali Martinezhttps://x.com/alicharts/status/2098713106251715010

$1.35 Support in Focus

The downside move has been fast. After breaking above the psychological $1 mark on August 19, the token rallied to a peak above $1.70 within roughly 72 hours, then surrendered the $1.60 and $1.50 floors before losing $1.40 earlier this week, dragging the broader altcoin complex with it. XRP now sits just above $1.35, a level carrying real structural weight: on-chain data indicates about 2.29 billion XRP previously changed hands in this zone, making it a dense cost-basis cluster. Holding it keeps a retest of $1.60 and then $1.68 on the table; a sustained loss would likely invite fresh selling. There is a technical bull case, though an aggressive one. Analyst Celal Kucuker notes that the previous run toward the all-time high began when the asset traded about 12% below its 50-day moving average — precisely where it hovers now. In his scenario, reclaiming that average would mark the start of a new bull phase, with a Fibonacci-equality projection implying a move of up to 600%, above $9. That rests entirely on historical price behavior and should be treated as a speculative outlier, not a forecast — consistent with the compression we covered in our report on XRP Bollinger Bands compressing to a flat line in the $1.34-$1.37 range.

Ripple Mints 10 Million RLUSD

Against that cooling speculation, the ledger's utility layer keeps expanding. Ripple minted 10 million RLUSD on the XRP Ledger, according to an on-chain stablecoin tracker, lifting the circulating supply of the Ripple USD stablecoin to $1,053,014,745 — comfortably above $1 billion. September issuance has been uneven: $143.1 million was minted and $7.2 million burned on September 1, activity then stalled (zero minted, $1.5 million burned on September 10) before resuming with $21.9 million minted and $387,000 burned on September 11. The slowdown extended to Ethereum, where $15 million RLUSD was burned on September 10 with no minting, followed by $528,000 minted and $4 million burned a day later. Over the past seven days, the tracker records $45.6 million minted on the XRP Ledger against $22.8 million burned. Ecosystem build-out continues in parallel: Clearpool is relocating its core credit infrastructure from Ethereum to the XRPL — a move we covered when the project brought its 50% fee-burn CLEAR token to the ledger — and, with Cicada Partners, is launching an institutional credit fund settling exclusively in RLUSD. Meanwhile, the RLUSD/USDS pair on Uniswap V4, a key DeFi venue, processed over $600 million in its first week within the Sparks Stablecoin FX Layer, while XRP Ledger payment volume recently jumped 26% to 462.9 million XRP. Readers tracking the market in real time can follow live spot and futures prices on Binance.

on-chain stablecoin trackerhttps://x.com/RL_Tracker/status/2098499121300619427

50-Day Average Reclaim in Focus

The thread running through the day's data is divergence: speculative activity around the token is contracting while the ledger's stablecoin and credit rails compound. The most load-bearing record here is the tracker's circulating-supply figure — $1.05 billion of RLUSD on the XRPL — which confirms that settlement demand persists regardless of spot direction, whatever the surrounding FUD suggests. The near-term test is simpler: whether $1.35 holds and active addresses turn back up. A reclaim of the 50-day moving average would be the first genuinely reliable signal that the correction has ended; whale behavior will decide that before any $9 target does. For the full picture of the asset's mechanics, our beginner's guide to XRP covers the settlement layer, and our XRP tag page tracks every ledger development.