XRP whales accumulated 16.46 million tokens in the five days leading up to November 8, according to crypto analyst Ali Martinez, even as the token’s price slid below $1.30. The buying came during a sharp downturn that began on November 5, when XRP peaked at $1.32 before falling 18% over four days.
Whale buying meets exchange inflows
The accumulation coincided with a massive inflow of XRP to Binance. Crypto analyst Darkfost reported that 691 million XRP, worth around $900 million, flowed into the exchange in a single day—the largest such inflow since 2024. That surpassed the daily inflows seen during February’s capitulation event, when Bitcoin dropped below $60,000 and XRP fell to $1.11.
The trend of whale inflows has been accelerating. The 90-day average of inflows now exceeds $100 million per day, the highest in six months. While token inflows to exchanges do not confirm selling—some deposits could reflect Binance replenishing its XRP reserves—the buildup signals increased potential for selling due to the supply sitting on the exchange.
Technical levels give way
XRP had been testing the lows of a 4-hour descending channel, but in recent hours the price failed to hold the $1.14–$1.16 floor of that channel. The immense selling pressure and bearish market sentiment pushed the price down to $1.08 at the time of writing.
Key support levels were systematically broken. The $1.25 level, which had held as support since mid-September, gave way in late October. November’s selling then forced the altcoin below the 78.6% Fibonacci level at $1.139. When a dip does not stop where expected, swing traders and investors may want to stop buying and stay cautious.
What to watch
At the time of writing, the $0.986 swing low from August is pivotal to keeping alive the idea of an eventual recovery. The combination of rising whale inflows and relentless selling has dented the “buy the dip” thesis, leaving traders watching whether that August low can hold.
