XRP Falls 3% as Whale Deposits Hit a 7-Month High: What's Going On?
XRP fell roughly 3% Thursday, as whale deposits to Binance surged to their highest level in seven months.Why Whale Selling Hit Its Highest Level Since MarchCryptoQuant analyst Darkfost posted on X that XRP whale inflows to Binance reached $112.4 million, the highest monthly average since March.He defines whales as wallets moving transactions exceeding 1 million XRP, a threshold that lets him track this specific cohort’s behavior.Since August, that monthly average has climbed by $72 million, well above the roughly $90 million average seen over the prior three months.Daily spikes have topped $400 million on individual days. Darkfost tied the shift directly to XRP’s more than 30% rebound since August, arguing the rally gave large holders an opportunity to lock in profits.He noted inflows have since cooled back to more typical levels, and September’s peak came in well below August’s, suggesting the heaviest selling pressure has already eased.What ETF Flows and Derivatives Data ShowUS spot XRP ETFs posted $708,520 in net inflows on Oct. 21, snapping two straight sessions of zero net flows, according to SoSoValue.Franklin’s XRPZ ) fund pulled in $2.25 million, offsetting roughly $1.55 million in outflows from Bitwise’s XRP ) fund. Cumulative net inflows across all XRP ETFs now stand at $1.80 billion.Meanwhile, derivatives markets told a more cautious story, with XRP trading volume rising about 6.5% to $2.81 billion while open interest fell roughly 5% to $2.93 billion, a combination that typically signals traders closing out positions rather than opening new ones.Long liquidations totaled $4.90 million over 24 hours, compared to just $887,140 in short liquidations, showing bullish bets absorbed most of the damage during the pullback.Where XRP Stands TechnicallyXRP’s drop followed a rejection near $1.37, pushing the token below all four major EMAs and the $1.35 Fibonacci level.The failed attempt to reclaim its rising trendline, combined with RSI sitting near 42, points to sellers still holding control.Key levels for XRP:$1.30: immediate support$1.34 to $1.35: resistance zone buyers need to reclaimPreview Image: Shutterstock