On-chain data reveals a dramatic shift in the behavior of XRP's largest holders, with whale transactions plunging from a peak of 433 to just 33, according to analyst Ali Charts. This sharp decline in large-wallet activity has coincided with XRP's price entering a period of tight consolidation, trading within a narrow range between $2.03 and $2.28, and stabilizing near $2.05 on Coinbase.
The data from Ali Charts highlights a clear pattern: a brief, intense burst of whale activity was followed by an equally sharp slowdown, signaling that major holders have stepped back. This reduced participation from whales often leads to lower volatility and range-bound market conditions, as price discovery shifts to smaller traders. Technical indicators reflect this calm, with the Relative Strength Index (RSI) near 55, indicating neutral conditions, and price momentum softening without a sharp sell-off.
However, conflicting on-chain signals emerged just days later. Analyst Steph Is Crypto reported that wallets linked to long-term XRP holders accumulated a massive 720 million tokens over a three-day period from January 9 to January 11, 2026, with a single-day purchase of 242.7 million coins on January 11. This accumulation follows a three-month stretch of consistent selling from the same cohort, raising questions about their strategic positioning.
The timing of this significant accumulation is notable, as it occurred without major headlines and while XRP's price remained steady. Some analysts, like ChartNerdTA, are drawing comparisons to the 2016-2017 cycle, suggesting the current price structure resembles a reaccumulation range that preceded a major breakout. The token is reportedly holding its 13-month support base, with a reset in the Stochastic RSI mirroring patterns seen before past rallies.
Despite the large purchases, overall market dynamics remain subdued. Trading volume has decreased to around $3 billion daily, and XRP is down 13% over the past week. The asset continues to trade within a defined range, with support above $1.95 and resistance near $2.30, as the market awaits a catalyst for a decisive move.
