XRP Whales Drive Accumulation as Price Hovers Around $1
Ripple's XRP price has been hovering around $1, leaving traders uncertain about its direction. However, data from CryptoQuant shows that whales, or large holders of XRP, have been withdrawing significant amounts from exchanges, particularly Binance.
A total of 55% of all withdrawals from Binance came from whale wallets holding over 1 million XRP tokens. Sharks, who hold between 100K and 1 million XRP, accounted for another 24.5%. On Coinbase, sharks represented 55.8% of withdrawals, while whales made up 15%.
This accumulation has led to a decrease in the Exchange Supply Ratio, which fell to 0.03. This means that less XRP is available on exchanges, reducing potential sell-side pressure and helping the price remain above $1 after a large token unlock.
Despite this, traders on Kalshi remain divided about XRP's direction. While there's an 86% chance of it rising above $1.10 in August, there's also a 50% chance of falling below $1 and an 11% chance of breaking below $0.90.