60% whale outflows vs rising leverage – XRP at a crossroads?
$XRP cant seem to make up its mind. Whales are moving coins off exchanges, but derivatives traders are not stepping back. Things can go either way! AMBCrypto previously reported that South Korea‘s K Bank, a banking partner of Upbit, has partnered with Ripple for a blockchain-based global remittance proof of concept. The project will test overseas transfers using Ripple’s network, adding to $XRPs already peculiar setup. $XRP 1M outflows rise again On Binance, wallets moving more than 1 million $XRP made up nearly 60% of daily outflow value on 26 April. Source: Cryptoquant This was close to the 66% peak seen on 28 March. This group has been dominating Binance outflows at around 56.4%, while the 100K-1M $XRP group was at 19.3%. Source: Cryptoquant Coinbase has been showing a similar (but less aggressive) pattern. In fact, above-1M $XRP outflows reached around 33% twice in April, on 17 and 27 April. The press time reading was high too, at about 27.3%. You cant prove accumulation with just with this, but large wallets are moving $XRP away from exchanges again. So, this reduces available spot supply while the price stays weak. Derivatives traders are here to stay though! Source: TradingView $XRP‘s price chart hasn’t yet confirmed the whale outflow signal. $XRP closed near $1.3566, down