XRP trades near $1.04 after a daily gain, as Binance's whale-to-retail spread holds at 57.7% even while selling pressure stays high on the token. XRP ETFs have logged four straight weeks of inflows, with buyers including asset manager IMC-Chicago, while the one-day chart shows a falling wedge testing support near $1.01.
XRP rose 0.46% on August 8 to trade at $1.04, tracking gains across the broader crypto market. On-chain data shows whale activity on Binance remains elevated even as the token struggles to hold the $1 level.
Binance Whale-Retail Spread Holds at 57.7%
CryptoQuant data shows Binance's XRP whale-to-retail spread reached 57.7%, suggesting more large holders than retail traders now hold XRP on the exchange. Analyst Amr Taha said the pattern is defying ongoing price weakness, with XRP holding close to the psychological $1 support level.
Still, according to Taha, the spread alone doesn't prove whale accumulation: "it highlights a growing difference in the relative activity of large and retail participants". The activity comes alongside XRP Ledger's v3.3.0 upgrade, which aims to boost privacy and tokenization on the network. CoinGape reports the upgrade has also lifted XRP's open interest, a shift that could turn the tokenization push into a bullish catalyst for the price.
XRP ETFs Extend Inflow Streak to Four Weeks
XRP ETFs have logged four straight weeks of inflows, according to SoSoValue. They took in $1.01 million between August 3 and August 7, and a continued run through the month could mark a fifth straight month of positive inflows.
Among the buyers, IMC-Chicago, an asset manager with $418 billion under management, purchased 50,975 XRP ETF shares. These funds now hold $953 million in total net assets, equal to 1.49% of XRP's $65 billion market cap.
Falling Wedge Tests Support at $1.01
XRP's one-day chart is forming a falling wedge, a pattern that often signals a shift from a bearish trend to a bullish one. But the price has dropped to test support at the wedge's lower boundary near $1.01, and a close below that level could extend the downtrend.
An RSI reading of 40 suggests momentum favors bears. Volume data shows selling pressure has stayed high for five straight days, suggesting retail traders aren't following whales and institutions into XRP. If retail buying returns and the price holds above $1.01, XRP could climb toward the upper Bollinger band at $1.14.
Source: CoinGape
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