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The price of XRP fell to $0.89 overnight on Nov. 15, and the cryptocurrency hit its lowest level in two years, according to TradingView. XRP first dropped below $1 on Nov. 13 for the first time since mid-August, and the decline continued over the weekend. At press time, XRP has recovered to $0.963.

At the moment the price of XRP reached $0.89, Whale Alert flagged two transfers of 120 million XRP each, worth a combined $215.2 million. The transfers were made seven minutes apart, according to XRPSCAN and Bithomp data.

Whale transfers go through three unlabeled wallets

Both transfers went through the same three wallets, XRPSCAN data shows. The coins left an unlabeled address starting with rGMiNv, went to an intermediate wallet starting with r3bh7p and then moved almost instantly to a third address starting with rpxh7h. After the second transfer, only 98 XRP remained on the first address.

TrackWhale marked the activity of these wallets as "~ Rotation". None of the three addresses is linked to a crypto exchange or to Ripple's escrow accounts, according to XRPSCAN, and the owner of the wallets is not known.

The 240 million XRP did not reach any exchange after the transfers, according to XRPSCAN data.

XRP ETFs post worst week since March

The drop in XRP comes amid outflows from U.S. spot XRP ETFs. According to SoSoValue, the funds recorded net outflows of $19.13 million between Nov. 9 and Nov. 13, and it was their worst week since March 2026.

Besides, Glassnode data shows that the combined market cap of the USDT and USDC stablecoins went down by $17 billion over the past month to $244 billion.

After Bitcoin fell below $67,000, XRP futures liquidations reached $27 million in 24 hours, and 97% of them were long positions, according to CoinGlass. Loans backed by cbXRP were also liquidated on Morpho, according to the DeFi protocol's data.