A recent interesting phenomenon: the pace at which whales transfer XRP to major exchanges has noticeably slowed down. Data shows that since mid-December last year, this influx has become less aggressive than before. Although the overall transfer volume still remains at a relatively high level, the change in trend itself indicates several issues—this suggests that the risk of large holders selling off is decreasing. It’s important to note that large whales significantly moving assets to exchanges are usually for the purpose of selling; now, this activity has become less frequent, which in turn sends a positive signal. For XRP's medium-term trend, this easing of pressure can indeed be considered a bullish sign. Of course, on-chain data is just a reference, but when such indicators start to show positive signals, market participants should pay more attention.