Key Market Movements
- •Whale wallets transferred 200 million XRP over two days, contributing to increased sell pressure on exchanges.
- •Exchange inflows surged to 70 million XRP as the price of XRP fell below $2.25 during peak activity.
- •The number of whale transactions reached 716 in a single day, marking the highest level recorded in the past four months.
On November 15, XRP experienced a significant spike in high-value transactions. Data indicates that 716 transactions, each exceeding $1 million, were recorded on that day alone. This represents the highest count observed in the last four months, according to analysis by Ali Martinez. This surge in activity reflects a sudden increase in movements by large holders of XRP.
This heightened activity occurred as XRP's price was declining. The asset dropped to $2.283 during the same period, a decrease from earlier levels that were above $3.00. Large-scale movements of this nature often signal a shift in market behavior, particularly when they coincide with price depreciations.
Significant XRP Movement to Binance
Further supporting these observations, data from CryptoQuant shows a substantial inflow of XRP into the Binance exchange. On the same day as the spike in whale transactions, over 70 million XRP were deposited onto the exchange. This volume represented the highest inflow recorded throughout the entire week.
Between November 9 and November 15, XRP's price decreased from over $2.50 to approximately $2.236. The timing of these events suggests that large holders might have been preparing to sell their assets, thereby increasing the supply available on the exchange. This pattern is often indicative of rising sell pressure during market corrections.
Mid-Sized Whales Reduce Holdings
Wallet data corroborates the selling activity. Charts from Santiment reveal that addresses holding between 1 million and 10 million XRP reduced their balances by 200 million XRP within a 48-hour period. Their total holdings decreased from 5.83 billion to 5.63 billion XRP.
This reduction in holdings aligns with the observed price decline and the exchange inflows. The decrease in total balances confirms that whales were actively participating in the market during this timeframe.
As Ali Martinez reported,
“Whales dumped nearly 200 million XRP in just 48 hours!”
Price Dynamics and Support Levels
XRP was trading at $2.25, with a daily trading volume of $2.86 billion. The asset experienced a 0.3% decrease in the last 24 hours and a 1.7% drop over the past week. This performance follows the significant increase in whale activity and the movement of funds to exchanges.
The recent data points to a notable shift in the behavior of large XRP holders. It remains to be seen how this trend will continue to impact the price. Market observers are now closely monitoring whether current support levels will be maintained or if further declines will occur in the coming days.