More than $1 million whale transactions on the XRP Ledger fell 97 percent in a week.

On July 13 (local time), blockchain outlet The Crypto Basic reported that market participation by institutions and large holders has slowed noticeably, coinciding with recent weakness in XRP prices.

Santiment data shared by analyst Ali Martinez (알리 마르티네스) showed transactions of $1 million or more on the XRP Ledger fell from about 70 last week to 2 on the day. The decline was gradual at first, with daily whale transactions still above 52 on July 8, but it dropped sharply from July 9. On July 12, $1 million-plus transactions fell to 2, a 97 percent decline.

The shift overlapped with a fall in XRP prices. XRP has slid more than 6 percent over the past week, and its monthly gain, which at one point in July had widened to as much as 14 percent, has now narrowed to about 3.5 percent. A drop in large transactions alone cannot confirm a bearish trend, but the reduced participation of major investors is seen as a sign that market sentiment is cooling.

Technical signals also tilt toward a retest of lower levels. Analyst CryptoinsightUK presented a scenario in which XRP falls once more to a key support zone, builds a base and then breaks higher. On the daily chart, XRP is trading below a clear downtrend line, a resistance area that has capped price gains since a May 14 peak of $1.55.

Near-term horizontal resistance was cited around $1.11. This level is where the downtrend line and horizontal resistance meet. XRP has slipped back toward the area after facing resistance at the trend line on July 4.

The next level to watch is a $0.90 to $0.94 demand zone. CryptoinsightUK viewed the area as a potential entry zone where buying could consistently absorb selling pressure. At current prices, XRP would need to fall an additional 12.6 percent to 16 percent to reach that support zone.

The downside scenario is not the only one. XRP has held the $1 support level for more than a month, and rebounds followed retests. If buying returns around $1 before XRP slides to $0.90 to $0.94, a rebound could come first. The next move depends on whether major investors return, whether $1 support holds, and whether XRP can break through resistance near $1.11.

Whale activity on the $XRP Ledger has cooled significantly. The number of transactions worth more than $1 million has dropped from 70 over the past week to just 2 today. pic.twitter.com/th3C7vEkT2