XRP whale deposits to Binance fell to about 947 million tokens over 30 days, the lowest in two months, a drop that normally points to less selling pressure ahead.
Futures are driving XRP's 5% weekly gain, with $1.8 billion in daily futures volume dwarfing $180 million in spot at a ratio of nearly 10 to 1.
A Bitcoin breakout or CLARITY Act passage could pull real spot buyers back and give XRP's futures-driven rally an actual foundation.
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XRP (CRYPTO:XRP) whale deposits to Binance just dropped to their lowest level in two months. On its face, that is good news. Big holders move coins onto an exchange when they are getting ready to sell, so fewer deposits should mean less selling ahead.
But something doesn't add up. XRP is up more than 5% this week, trading around $1.14, and yet almost none of that move is coming from people buying the token. The spot market, where coins actually change hands, has rarely looked this empty.
So if the whales aren't selling and buyers aren't showing up, what is moving the price?
Whales are wallets holding enormous amounts of XRP, and when they move coins onto an exchange, it is usually a prelude to selling. You don't move your tokens onto Binance unless you plan to do something with them there. So rising deposits warn that selling pressure is building, and falling deposits mean the big money is staying put.
Right now, deposits are falling. Whale inflows to Binance over the past 30 days have dropped to about 947 million XRP, the lowest in two months, according to CryptoQuant analyst Arab Chain. Fewer whale coins are moving toward the exchange, and fewer coins there means less waiting to be sold.
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Earlier this month, wallets holding between 1 million and 10 million XRP grew their combined holdings by roughly 70 million tokens in a single week, and Binance's XRP reserves have shrunk to a five-month low. So, whales aren't queuing up to sell, some are quietly adding, and the pool of XRP on the exchange ready to be sold keeps shrinking.
On that evidence alone, this looks like a mildly bullish signal. But it holds only if you look at whale deposits and nothing else.
The problem with reading those falling deposits as bullish is that whales aren't the only ones who have gone quiet. Nearly everyone who trades XRP has pulled back at the same time.
Source: Yahoo Finance Top News — This article was automatically imported from the source. Read full article at original source →
