Top Analyst Says XRP Will Drop to $0.98 If This Continues

Large Holders Are Reducing Exposure

Martinez observed that some of the largest whales on the XRP Ledger appear to be cutting their positions. He noted that the number of wallets holding between 10 million and 100 million XRP has dropped from 351 to 339 over the past few weeks.

The analyst stated this decline raises the possibility of growing selling pressure. Fewer large-holder wallets active in that range is a notable shift in the distribution of XRP supply.

Exchange Balances Are Rising

He then highlighted an upward movement in exchange-held XRP. Martinez reported that $XRP held on exchanges has climbed from 11.003 billion to roughly 11.05 billion over the past week. That is approximately 50 million more XRP sitting on trading platforms.

He noted that if large holders continue moving tokens to exchanges, more supply could become available to sell. Rising exchange balances often precede increased selling activity in crypto markets.

A Key Technical Level to Watch

Martinez shifted to technical analysis and identified $1.26 as a critical support level. He explained that XRP has been forming a channel boundary at that price since August.

He stated that a break below that support “could first send XRP toward $1.11.” The channel pattern, in his view, ultimately points to $0.98, roughly 22% below the $1.26 level.

The Bearish Case Comes into Focus

The combination of declining whale wallet counts, growing supply on exchanges, and a deteriorating technical structure creates a cohesive case for downside pressure on XRP in the near term. Whether the $1.26 level holds will be critical for determining if the $0.98 target comes into play.