XRP Price Drops as Whales Accumulate 340 Million Tokens Worth $962 Million

XRP has experienced a 4% decline over the past week, currently trading at $2.80, below both the 20-day and 50-day exponential moving averages of $2.93 and $2.92. Despite being 27% off its all-time high of $3.84, trading volume surged by 23% in the last 24 hours.

Whales Accumulate XRP

Major investors have acquired 340 million XRP, valued at approximately $962 million.
$268 million was withdrawn from exchanges.
Open interest in XRP derivatives exceeded $8 billion, with positive funding rates indicating bullish sentiment.

Concerns Over Binance's Influence

Traders raised concerns about potential price manipulation by Binance, linking sell pressure to Ripple's announcements or legal updates. No definitive evidence supports these claims, but suspicions persist.

XRP Price Analysis

XRP is consolidating within a symmetrical triangle pattern on the daily chart, maintaining support at $2.80 while tightening price action suggests an impending breakout. Analysts indicate that a rise above $3.20 could lead to a swift move towards $4. Recent inflows totaled $134 million in late August, contributing to a total of $4.37 billion for the month.