XRP risks drop below $1, but onchain data highlights silver lining
XRP’s chance of a daily close below $1 are rising, but whale accumulation and shrinking exchange supply may be a sign that traders are buying.
XRP is trading just above $1, leaving the token at its weakest price level of the year, but onchain data paints a different picture.
The exchange-held XRP supply continues to fall, Binance withdrawals have exceeded deposits for seven straight days, whale flows are holding positive and spot XRP exchange-traded funds (ETFs) have attracted $243 million in inflows since April.
The improving onchain data points to healthy network positioning, even as XRP continues to search for a price bottom.