XRP hovers at $1.29 as whale wallets shrink and exchange balances rise

XRP traded close to $1.29 on Monday as the number of large holder wallets continued to contract, while exchange balances showed a notable increase. This shift raised concerns among analysts that the month-long sell-off in the digital asset could persist. Santiment data indicated that wallets holding between 10 million and 100 million XRP tokens dropped from 351 to 339 over the previous month. This reduction points toward substantial holders, often referred to as whales, cutting their exposure rather than increasing their positions as prices weaken.