Declining whale deposits signal reduced selling pressure, but XRP’s 5% weekly gain is driven by $1.8 billion in futures activity.
XRP whale deposits to Binance fell to approximately 947 million tokens over the past 30 days, marking the lowest level in two months. Historically, such declines indicate reduced selling pressure from large holders, as fewer deposits suggest less intent to liquidate positions on exchanges.
Despite the drop in whale activity, XRP rose 5% this week to around $1.14, primarily fueled by $1.8 billion in daily futures volume. Spot trading remained subdued at $180 million, with futures outpacing spot by nearly 10 to 1. This divergence raises questions about the sustainability of the rally without broader spot market participation.
Analysts suggest external catalysts, such as a Bitcoin breakout or passage of the CLARITY Act, could attract real spot buyers and provide a fundamental basis for XRP’s price movement.