XRP Exchange Supply Contracts as Whale Withdraws 580M Tokens
XRP's exchange supply has contracted significantly following a massive withdrawal of 580 million tokens by a whale. The withdrawal, worth approximately $900 million, reduced the amount of XRP available for immediate trading on exchanges.
The broader exchange activity also showed declining sell-side availability, with spot flows and reserve changes indicating that the supply reduction extended beyond the single transaction.
XRP's Exchange Reserve USD declined by 2.48% as a result, further validating the evidence of shrinking exchange-side availability.
Despite this, experts warn that the reduced availability does not guarantee higher prices, as XRP still requires price action to confirm whether buyers can capitalize on these supply conditions.
The recent breakout above the descending pennant structure has put the $1.5759 resistance level under pressure, with many expecting a sustained move through this level could open up the path towards the $1.70 region.