A significant drop in the XRP price was observed, with a substantial dumping of over $1 billion worth of coins by high-net-worth wallets. Data from on-chain analyst Ali Martinez highlights this trend, as the XRP price fell below $3. The wallets in question consist of holdings ranging from 10 million to 100 million XRP, and their sales have accumulated a little more than $1 billion at current market prices since early August. This massive dump cannot be ignored, as illustrated by the dramatic drop in price: XRP went from $3.35 to $2.90 before recovering some ground. The pattern is clear; each attempt to push higher has resulted in increased sales, with lighter order books compared to just a few weeks ago. This contrasts with Bitcoin and Ethereum, which have not displayed similar supply shocks. 470 million XRP were sold by whales just in the last 10 days! Why? The reason for these large-scale sales remains unclear, but it could be related to profit-taking after July’s rally or a shift of coins to other networks and exchanges. Alternatively, it could be a straightforward cash-out scenario. Regardless of the motive, the figures speak for themselves: $1 billion worth of XRP has left millionaire wallets, and the market as a whole is experiencing difficulties in maintaining price above $3. The focus now shifts to the $2.80 zone, where a break below could trigger a return of the summer support near $2.50. Until then, the main takeaway from this event is that whales have exited, and XRP is struggling to stay above $3.