Recently, there's a phenomenon in the crypto market worth pondering. The XRP price has approached the high of $2.3, but what's truly interesting isn't the increase itself, but the trading logic of the big players—those heavy holders, the whales, collectively choosing to stay on the sidelines during this rally.

Let's first discuss why this is unusual. In the crypto market, the movements of whales are always a barometer of the market sentiment. The historical pattern is that when prices rise, large holders start to take profits in batches, and retail investors follow suit only later. But this time, XRP completely broke this pattern—on-chain data shows that the more the price surges, the more stable the whales' holdings become, and some even quietly increase their positions.

Here's the more critical data. Over the past 6 days, only 24 million XRP have been transferred to major exchanges, roughly equivalent to $51 million at the current price. On the surface, that number doesn't seem small, but what's the problem? Recently, XRP's daily spot trading volume has easily exceeded billions of dollars, and the cumulative trading volume over 6 days is astronomical. When you do the math, this supply of 24 million XRP appears tight in the context of the entire trading ecosystem—far from enough to absorb the market demand.

What does this indicate? Essentially, the crypto market remains a game of supply and demand. Currently, XRP exhibits a typical pattern of "rising demand and shrinking available supply." The whales' decision to stay put might be hinting that this price level is far from the top. Investors who understand this are already starting to position themselves.