Recently, the cryptocurrency market has shown a slight correction trend, and investors' attention is focused on the speech that Federal Reserve Chair Powell is about to deliver in Jackson Hole, hoping to gain insights into policy direction.

In such a large environment, the market performance of XRP has attracted widespread attention. Currently, the trading price of XRP hovers around $2.89, with a 24-hour trading volume reaching $6.74 billion. However, its price has dropped by 4% and 11% over the past day and week, respectively. It is worth noting that XRP experienced a strong rebound in July, briefly breaking through the $3.60 mark, but its price has recently retraced.

Market analyst Ali Martinez's observations indicate that the movements of large holders (commonly known as "whales") have had a significant impact on the price of XRP. Statistics show that over the past 10 days, these large holders have collectively sold approximately 470 million XRP. Notably, the selling by exchanges has been particularly evident, especially on the Binance platform. From the end of July to the beginning of August, the amount of XRP flowing into exchanges surged, with the largest single transfer exceeding 100 million XRP. Recent data shows that another 11.8 million XRP has flowed into Binance, and these large-scale capital movements have undoubtedly put short-term pressure on the market.

However, the market is not entirely bearish. Before the massive sell-off, these "whales" had bought large amounts of XRP at low prices. In just three days, they purchased approximately 320 million XRP, worth nearly $1 billion. This behavior indicates that large funds are still the core driving force behind the supply and demand of the XRP market. When prices are low, their buying behavior can provide support for the market. However, at the same time, the continuous inflow of funds into exchanges may also have a negative impact on short-term trends.

As market volatility intensifies, investors are closely watching the future direction of XRP. While it may face some pressure in the short term, XRP's position as a mainstream encryption currency does not seem to be severely affected in the long run. Market participants need to remain cautious in this complex market environment while also paying attention to various factors that may influence the future development of XRP.