XRP Plunges to $2.40 as Whale Activity Surges - On-Chain Data Reveals Big Money Moving
XRP tanks to $2.40 amid market turbulence, but blockchain detectives spot something interesting brewing beneath the surface.
Whales Awakening
While retail investors panic-sell, the big players are making moves. On-chain analytics show renewed whale accumulation at these levels - the smart money knows something the herd doesn't.
Market Mechanics
The $2.40 level becomes the new battleground. Whales scooping up discounted XRP while mainstream media screams about the collapse. Classic Wall Street playbook - just with digital assets this time.
Institutional chess moves continue while retail checks portfolio values every five minutes. The more things change in finance, the more they stay the same - except now it's blockchain transactions instead of Bloomberg terminals.
XRP shows trading weakness, long-term optimism
XRP retains its long-term community, convinced the XRPL platform may be suitable for decentralized finance. However, the long-term outlook does not prevent XRP from stagnating.
XRP open interest is just $1.31B, much smaller compared to other top 10 coins and tokens.
Based on the liquidation heatmap, XRP has relatively small accumulation of positions. The token has relatively small liquidity for triggering a short squeeze.
As of October 22, most positions for XRP were up to $2.60, signaling a short squeeze could not cause a recovery above $3.
Binance, Bybit, and Gate see XRP outflows
XRP currently moves through Binance, Bybit, and Gate. The three exchanges saw the most notable outflows in the past week.
Binance held over 3.62B in XRP exchange reserves as of October 16, seeing the number shrink to $3.34B as of October 21.
Balances remained relatively unchanged on Bitstamp and Bitfinex. However, Bybit reserves shrank from 442M to 298M XRP. Gate saw its XRP reserves diminish from 67M to 48M.
The outflows from exchanges may suggest renewed interest after the recent selling round. XRP was not only sold by whales, but by retail traders after the October 11 crash. The asset dipped to a local low of $1.90, later still managing a recovery to $2.50.
Recent sentiment metrics show XRP is mostly the target of negative comments on social media, the lowest level of crowd sentiment since January. The metric suggests the market may MOVE in the opposite direction to crowd sentiment.
XRP may also move in unexpected ways due to its Korean won market, taking up over 13% of trading volumes. The token also trades against Binance’s FDUSD, offering an alternative source of liquidity.
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