XRP’s $1.16 recovery gets support from whales and a $285 million ETF streak

XRP’s recovery above $1.16 this week has coincided with a shift in the token’s supply picture, as large holders move fewer coins onto exchanges while US-listed exchange-traded funds continue to attract fresh capital.

The retreat in exchange-bound supply follows weeks of consolidation around $1, when weaker prices and limited spot demand kept XRP from sustaining repeated recovery attempts.

The change has eased one source of pressure but has yet to produce a decisive breakout. As of press time, XRP had surrendered part of Tuesday’s advance and was trading near $1.14, leaving the next stage of the recovery dependent on whether ETF demand and broader spot buying can absorb the remaining available supply.

XRP whales accumulate while exchange deposits plunge

XRP’s largest holders are adding to their positions while taking a growing share of tokens leaving exchanges, a combination that points to stronger conviction among whales as the cryptocurrency attempts to recover from its recent downturn.

Wallets holding between 100,000 and 100 million XRP increased their collective balances by 2.8% over the past five weeks, Santiment data show. At the other end of the market, wallets containing less than 0.01 XRP reduced their holdings by 5.2% during the same period.

… Continue reading the full article at the original source below.