Large XRP transactions worth more than $1 million fell 57.3 percent in nine days.

On May 25, blockchain media outlet The Crypto Basic reported that market analyst Ali Martinez (알리 마르티네즈) said XRP whale transactions fell to 67 from 157, citing Santiment data.

The drop coincided with weakness in XRP's price. XRP fell from $1.54 on May 14 to about $1.35 now. It posted intraday declines for five consecutive trading days from May 15 to 19. It was the first time in about two months that XRP fell intraday for five straight days.

Markets are focusing on signs that large investors' participation has slowed alongside the price move. XRP fell 8 percent over five days and investor sentiment weakened. That has strengthened a wait-and-see mood among deep-pocketed investors rather than active buying to push the market higher.

Martinez sees the current phase as a "compression phase". He said the slowdown in large transactions shows a pullback by major investors. He said whales appear to be waiting until the price settles into a narrower range. Volatility may fall in the short term, but such phases are also seen as a precursor to a major move after support and resistance levels become clearer.

Not all whale wallets have exited. Wallets holding 1 million to 10 million XRP increased holdings to 3.79 billion XRP on May 12 from 3.72 billion XRP, effectively adding 70 million XRP. Wallets holding 100,000 to 1 million XRP also increased holdings by 20 million XRP to 6.33 billion XRP from 6.31 billion XRP after May 16.

But the accumulation alone has not yet shown enough force to move prices. The number of large transactions has fallen, and broader selling pressure has continued. Some mid-to-large wallets moved to buy at lower prices, but it was not enough to change the market's overall direction.

Technical indicators also show XRP has not chosen a direction. In an earlier analysis, Martinez said the Bollinger Band squeeze on XRP's three-day chart was the strongest in more than a year. He saw it as a signal of very low volatility.

The key price range is between $1.50 and $1.29. Martinez called it a "no-trade zone" and advised confirming a breakout rather than making hasty directional predictions. He said a three-day closing price above $1.50 could open the way to $1.80, while a move below $1.29 could weaken the bullish scenario and push XRP down toward the psychological support level of $1.00.

The next focus in the XRP market is narrowing to whether whale transactions recover and whether the price breaks above or below the $1.29 to $1.50 boundary. For now, a mixed phase continues, with slower transactions and some accumulation appearing at the same time.

$XRP is ready for a big price move! I'm tracking the tightest Bollinger Band squeeze on the XRP's 3-day chart in over a year. When volatility compresses this tightly, it’s a signal that a violent price expansion is approaching. This current compression zone is a definitive… pic.twitter.com/TLBejKAl1D