The Sell Side for XRP Might Get Very Thin If This Trend Continues

Large XRP holders now control over 68% of the token’s circulating supply as accumulation among whale wallets continues to climb during XRP’s extended consolidation phase.

Zach Humphries (@ZachHumphries), a well-known investor, drew attention to the trend in a recent post, stating that “the sell side for $XRP might get very thin if this whale trend continues.”

His chart showed wallets holding at least 10 million XRP now control more than 45 billion tokens, the highest level recorded since May 2018. The chart also compared those holdings against the asset’s price action across multiple years.

The sell side for $XRP might get very thin if this whale trend continues.

Large holders now control nearly 68% of the supply, matching levels we have not seen in eight years. It looks like smart money is using the current sideways consolidation to absorb liquid supply directly…

— Zach Humphries (@ZachHumphries) May 18, 2026

Whale Holdings Continue Rising During Consolidation

The chart showed a sharp increase in accumulation beginning in the second half of 2025 as XRP fell from its all-time high reached in July. Whale wallets steadily increased their holdings even as XRP traded sideways following its strong rally earlier in the cycle. According to the data, wallets holding at least 10 million XRP now control 68.48% of the total supply.

The data shows that large investors are absorbing available liquidity directly from exchanges while retail sentiment remains cautious. He described the current market structure as “sideways consolidation” and said a breakout above the current range would completely change the macro setup for XRP.

The chart also showed that previous periods of strong whale accumulation preceded major XRP price expansions. From 2022 into mid-2024, large-wallet holdings gradually increased while XRP remained relatively flat. That accumulation phase preceded the sharp upward move that began at the end of 2024.

XRP Price Holds Key Structure

XRP currently trades in a tight range after experiencing heavy volatility earlier this year. The chart showed the asset stabilizing while whale holdings continued trending upward. That divergence has become a major focus for XRP traders. Rising concentration among large holders during a period of muted price action often signals reduced liquid supply in the market.

If demand rises while exchange liquidity shrinks, price movement can accelerate quickly. Humphries questioned whether this could be “the final accumulation before a real breakout.” The chart itself supports the idea that large holders remain active despite XRP failing a major expansion phase.

What Comes Next for XRP?

A decisive move above the current range would likely shift market sentiment rapidly. XRP still trades well above the levels seen before its late-2024 breakout. The current consolidation sits above previous resistance zones, which many traders now view as support. Whale accumulation has not slowed, and a breakout could cause a swift rise for XRP.