Whales scoop up 16.46M XRP in 5 days – Right before a $900M inflow to Binance
At the time of writing, the $0.986 swing low from August was pivotal to keep alive the idea of an eventual recovery.
Ripple [XRP] whales were buying the dip, posted popular crypto chart analyst Ali Martinez. The dip in question has been sizeable. The latest wave of selling began on Thursday, the 5th of November.
Since the local peak on that day, at $1.32, XRP has slid 18% in four days. By comparison, even Ethereum [ETH], which faced the biggest rout in the derivatives markets in the past 24 hours with $497.85 million in liquidations, was down by only 13.2% in the same window.
Examining the “buy the dip” idea
Popular crypto and technical analyst Ali Martinez showed in a post on X that XRP whales kept up their buying pressure as XRP prices fell below $1.30. In the five days leading up to the 8th of November, whales accumulated 16.46 million tokens, the analyst reported.
It was testing the lows of a 4-hour descending channel, too. Yet, in recent hours, the price failed to hold on to the $1.14-$1.16 floor of the channel. The immense selling pressure and bearish market sentiment have forced a price drop to $1.08 at the time of writing.
The XRP whale inflows to Binance revealed the largest single-day inflows since 2024. The inflows reached 691 million XRP, or around $900 million, reported crypto analyst Darkfost.
It surpassed the daily inflows recorded during the February capitulation event, when Bitcoin fell below $60k and XRP fell to $1.11.
This trend of whale inflows has been accelerating recently. The 90-day average of inflows measured more than $100 million per day, the highest in six months.
Token inflows to exchanges do not confirm selling, as some of the deposits could be a result of Binance’s efforts to replenish its XRP. Yet, overall, it signaled increased potential for selling due to the supply sitting on the exchange.
Should you still buy the dip?
The areas where the XRP bulls should have made a stand have been systematically expunged by the relentless selling. Foremost among these levels was $1.25.
Since mid-September, this level had been held as support but eventually gave way in late October. The selling in November forced the altcoin below even the 78.6% level at $1.139.
When the dip doesn’t stop where expected, swing traders and investors would want to stop buying and stay cautious.
Final Summary
- XRP fell below the 4-hour descending channel’s flow. Alongside rising whale inflows, the “buy the dip” idea has been dented by relentless selling.
- At the time of writing, the $0.986 swing low from August was pivotal to keep alive the idea of an eventual recovery.
