A significant movement of Ripple’s XRP token by large-scale investors to the Binance exchange throughout October coincided with a steep price drop for the digital asset.
Data from the first two weeks of the month shows that whale activity shifted from a period of calm in September to aggressive depositing, creating substantial selling pressure that pushed the price down approximately 20% from its early-October level.
Whale Selling Sends XRP Tumbling From $3.1 to $2.4
CryptoQuant analyst Arab Chain pointed out that the movement peaked between October 10 and 12, coinciding with a drop in XRP’s price from around $3.10 to $2.40 within days. According to them, the pattern signals that whales may have been locking in profits or hedging after last week’s volatile rebound.
“This pattern is often interpreted as an indicator of whale-driven selling pressure, as increased flows to centralized exchanges typically reflect intentions to sell or take profits, especially when accompanied by a decline in price.”
The inflows marked a reversal from September’s calm, when exchange transfers were minimal. The market technician noted that each wave of heavy inflows matched with a steep price correction, suggesting direct market impact from whale activity.
As inflows began to taper after October 11, XRP stabilized near $2.60, indicating the end of the intense liquidation phase. This shift reflected the asset finding a temporary equilibrium as liquidity exited the market.
The on-chain data is supported by findings from market commentator Ali Martinez, who reported on October 14 that whales had sold 2.23 billion XRP tokens since October 10.
The divestment, worth about $5.5 billion, has reduced the group’s collective holding to 12% of the asset’s circulating supply. Such a substantial sell-off from influential market participants often creates anxiety among smaller investors and can lead to increased market supply without a corresponding rise in demand.
Analysts Split as Technical Signals Flash Mixed Outlook
At the time of writing, XRP had seen a 3% increase in the last 24 hours, bringing its price back up to $2.52. However, it remains down 11.1% over the past seven days and 17% monthly, according to CoinGecko data.
This downturn occurred despite a powerful 160% recovery from lows near $1.00 recorded on October 13, a bounce that followed the $19 billion crypto liquidation event from last weekend.
However, not everyone agrees on the integrity of current price data. Analyst EGRAG CRYPTO, writing on October 14, criticized inconsistencies across exchanges such as Binance and Coinbase, claiming that distorted data led to exaggerated volatility.
They said that going forward, They would rely on an aggregated “Crypto Data Set,” and identified $1.40 as the new baseline for XRP’s long-term analysis. From a technical perspective, they also identified $2.65 as a critical level for the Ripple token to overcome.
The post XRP Price Plunged 20% Amid Significant Whale Inflows to Binance appeared first on CryptoPotato.
Whale inflows to Binance drove the price of XRP down 20%, marking a shift from calm trading to heavy selling. AA News, Crypto News, Binance, Ripple (XRP) Price, XRP
This articles is written by : Nermeen Nabil Khear Abdelmalak
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