XRP’s recent price action has become hard to read.

On one hand, on-chain data shows that whale addresses now hold 48 billion tokens—a seven-year high. Big players seem to have caught a scent and are buying aggressively. But on the other hand? The price is deflating like a punctured balloon, causing retail investors to panic—the fear index is maxed out.

This setup is a bit schizophrenic: big money is bottom-fishing while small investors are selling at a loss. So who’s got it right?

**What’s the logic behind this contradiction?**

Whales accumulating doesn’t mean an immediate price pump—that’s common sense. They might be “buying the dip” in stages before the bottom is in, since they have plenty of capital to deploy gradually. Historically, when retail panic peaks, a reversal often follows—but only if the price has truly bottomed out.

Another data point worth noting: XRP-related ETF products have recently attracted nearly $8.5 billion in inflows. This suggests institutions are bullish on XRP for the long term. In the short term, though, the price can’t even break past the $2.10 barrier, indicating heavy selling pressure remains.

**What does the technical analysis say? Focus on these key price levels**

Looking at the 1-hour chart, $2.11 is a critical level—only a breakout above it could open up further upside, with $2.20 as a stronger resistance. The problem is, the MACD indicator has formed a bearish crossover below the zero line, with weak momentum, so bears are still in control.

If the price can’t even test the $2.09–$2.10 range, it will likely keep dropping. The first support is at $2.06–$2.08, with stronger support near $2.02. If $2.02 doesn’t hold, $1.98 probably won’t last long either.

That’s the current situation: whales are positioning, retail is on the sidelines, and the price is bottoming out. Who will come out on top? It all depends on whether XRP can hold these key levels in the coming days.