XRP traded in a narrow range on Thursday after a turbulent week that saw the token come under pressure alongside the broader cryptocurrency market.
Notably, the digital asset has declined by nearly 6% over the past seven days, reflecting continued investor caution amid fragile market sentiment.
According to Santiment data shared by popular analyst Ali Martinez, the number of XRP Ledger transactions valued at more than $1 million declined from around 70 during the past week to just two on July 12.
Meanwhile, the steep decline represents a 97% reduction in high-value transactions, suggesting that institutional investors and major XRP holders have become significantly less active.
The analyst noted that the slowdown should not automatically be interpreted as large investors exiting their positions. Instead, the lack of major transfers could indicate that whales are choosing to remain on the sidelines until a major catalyst or stronger market signals emerge.
 
Additionally, the data indicates that whale activity remained relatively strong earlier in the week before fading sharply as selling pressure spread across the cryptocurrency market. While the number of large transactions steadily declined, activity accelerated downward after July 9 before reaching its weekly low.
Although declining whale activity may reduce short-term liquidity, it does not necessarily signal that institutional holders are abandoning XRP. Instead, analysts suggest that the absence of major transactions could simply reflect patience ahead of the market’s next significant move.
Elsewhere, crypto analyst “Cryptoinsightuk” believes XRP could see further downside before a more sustainable recovery begins. According to the analyst’s technical outlook, the token may revisit a key demand zone between $0.90 and $0.94, where stronger buying interest could emerge if sellers lose momentum.
The analyst argued that a successful defense of that support region could lay the foundation for a broader breakout, allowing XRP to recover its longer-term upward movement after months of trading below a descending resistance line.
However, some analysts remain optimistic about XRP’s outlook.
According to market analyst Celal Kucuker, XRP is forming a bullish Relative Strength Index (RSI) divergence on its chart. The analyst noted that the technical pattern could signal the beginning of a strong rally despite recent price weakness.
RSI divergences occur when price continues to weaken while momentum indicators begin improving, a setup that traders often view as an early indication that selling pressure is fading.
At the time of writing, XRP was trading at $1.11, reflecting a 1.24% drop in the past 24 hours.
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