XRP fails to reclaim $1.35 as whales pare holdings

XRP traded near $1.31 on May 31 inside a downward-sloping channel that has been in place since mid-February. The token has moved lower between two parallel trend lines and recently approached the channel’s midline without breaking higher.

The 20-day exponential moving average (EMA) sits near $1.35 and is the immediate technical pivot. When XRP lost the 20-day EMA on May 16, the price fell about 11%. In early May, reclaiming that same line was followed by an almost 11% gain.

On-chain records show large holders reduced their XRP exposure starting May 31. Addresses holding between 100 million and 1 billion XRP cut their share of supply from about 11.54% to roughly 9.9%. The cohort holding 10 million to 100 million XRP reduced its share from 17.61% to 17.36% over the same period.

Longer-term holders also reduced positions. The Hodler Net Position Change fell from about 268.4 million XRP on May 30 to roughly 216.6 million XRP on May 31, a near 19% one-day decline.

Exchange outflows during the period indicate some addresses removed XRP from trading venues, which can be consistent with accumulation. Those outflows did not produce an immediate price gain by May 31.

Key price levels to note include resistance at the 20-day EMA near $1.35 and the 50-day EMA near $1.38. Additional resistance points are at $1.42, $1.47 and $1.55. Immediate support levels are $1.29 and $1.26, with a deeper support area around $1.22.

Both large whale cohorts and mid-to-long-term holders reduced positions across May 30–31. Market price and on-chain position metrics remained aligned with the recent distribution during that period.