What are XRP whales doing in November — And how could it affect the price

XRP whales — large investors holding massive amounts of tokens — are among the key forces influencing the cryptocurrency’s price. In November 2025, their activity shows a noticeable shift.

This article analyzes the primary movements of XRP whales based on the latest on-chain data and assesses their potential impact on the price.

Dormant whales wake up and move assets to exchanges

The first major sign is a surge in whale-to-exchange transfers, especially to Binance. According to on-chain analysis from CryptoQuant, the “Whale to Exchange Flow” for XRP indicates a clear distribution phase.

Starting from late 2024, this metric began rising sharply and has maintained strong momentum. It appears that whales have been moving assets onto exchanges for months, likely preparing to sell at higher prices.

In the short term, XRP’s price will likely remain suppressed until whale selling pressure subsides. However, this event does not negate Ripple’s strong long-term fundamentals supported by its new capital injection,” analyst CryptoOnchain said.

This behavior is typical of smart money. Whales often take advantage of retail investor optimism to distribute the supply they accumulated earlier at lower prices.

Additionally, the “dormant supply” — XRP that has remained inactive for at least a year — has awakened to its highest level since July.

Data from Santiment, illustrated through the 365-day Dormant Circulation chart, shows red spikes representing old XRP tokens moving again in early November.

The chart also reveals that dormant supply awakenings have become more frequent in recent months as XRP struggles to maintain prices above $2.

This trend reflects a shift in investor sentiment. Long-term holders from a year ago appear to be losing confidence and choosing to sell rather than continue holding.

On the other hand, data from the XRP Ledger shows that 21,595 new XRP wallets were created on November 5 and 6 — the strongest growth in eight months, according to Santiment.

This surge signals renewed interest from retail investors, possibly drawn by the attractive dip following the recent sell-off.

As a result, the distribution of whales and the awakening of dormant supply may have transferred XRP to new holders. This process could increase short-term selling pressure and push prices lower in the near term.

However, these new investors bring fresh expectations to the market. Their optimism could catalyze XRP’s next upward move — especially as speculation around a potential XRP ETF strengthens and Ripple continues to secure major partnerships.