XRP Whales Buy 60 Million Coins as Token Slips to $1.15: Analysts Weigh In
Key Takeaways
- •XRP fell about 6% to near $1.18 on November 6, marking its first trade below $1.19 since late August despite ongoing accumulation by large holders.
- •Binance saw 418.5 million XRP, valued at roughly $540 million, leave the exchange on November 4, its biggest single-day outflow in nine months and exceeding the 315 million withdrawn on October 29.
- •Whale wallets holding at least 1 million XRP hit a 2026 high this week after purchasing around 60 million tokens over seven days, and two Hyperliquid accounts opened $3.94 million in long positions within 24 hours.
- •US spot XRP ETFs recorded zero net flows on November 3-5, and October's $18.8 million in net inflows was sharply lower than September's $121.4 million and the weakest month since March.
- •Analysts flag $1.21 as the key support level, with a breakdown opening the way toward the 78.6% retracement near $1.11 or $0.98, while resistance sits at $1.34 and the 200-week EMA near $1.36.
XRP slipped to around $1.18 on November 6, down roughly 6% on the day — the first time the token traded below $1.19 since late August. The pullback has unfolded even as on-chain data points to substantial accumulation by large holders, leaving analysts to weigh the key levels that could shape the token's next move.
Binance Sees Largest Outflows in Nine Months
Exchange data shows a large volume of XRP leaving trading platforms. Exchange balances are among the most closely watched supply metrics in crypto, since tokens held on trading platforms are the coins most readily sold into the market. According to analyst Darkfost, 418.5 million XRP exited Binance on November 4 — the exchange's largest single-day outflow in nine months. The figure topped the 315 million XRP withdrawn on October 29, the day of the $6.3 billion Binance hack.
In total, about $540 million worth of XRP left Binance in a single day this week. The withdrawals came immediately after XRP climbed back above $1.30 and landed one day after the US midterm elections. Darkfost noted that outflows of this magnitude shrink the pool of XRP available for sale on exchanges, but he cautioned that they do not guarantee a rally and that some of the flow may consist of internal Binance transfers.
Even so, buyers did not step in to lift the price.
Whales Accumulate as Price Slips
Wallets holding at least 1 million XRP reached a 2026 high this week, BeInCrypto reported. According to analyst Ali Charts, whales purchased roughly 60 million XRP over a seven-day window. Wallet cohorts of that size are tracked as a gauge of conviction among large holders.
The accumulation coincided with a rebound from $1.20 on October 30 to a brief high of $1.34 on November 4. XRP then surrendered those gains as risk assets sold off on concerns about the AI sector.
Derivatives activity suggests some large traders are buying the dip. CoinGlass data from its Hyperliquid whale tracker shows two accounts opened $3.94 million in long positions within 24 hours.
Spot ETF Demand Cools
Demand from US spot XRP ETFs has been far weaker. Fund flows serve as a read on direct, fund-mediated buying, since spot ETFs purchase XRP in the open market to back new share creations. SoSoValue data shows the funds recorded zero net flows on November 3, 4 and 5 — meaning no net new XRP entered fund reserves on those days. October delivered just $18.8 million in net inflows, down sharply from $121.4 million in September and the lowest monthly total since March, when the funds saw net outflows.
The funds hold $1.41 billion in net assets, equivalent to roughly 0.8% of XRP's total market cap. A separate SoSoValue count shows no inflows since October 29.
Social Sentiment Sours
Social mood has turned along with the price. Ali Charts said XRP's social sentiment has fallen to its lowest level since July.
XRP SOCIAL SENTIMENT TURNS NEGATIVE
The crowd is becoming increasingly bearish on $XRP, with social sentiment dropping to its lowest level since July.
But from a contrarian perspective, this could actually be constructive.
XRP appears to be developing a potential inverse… pic.twitter.com/JJLzoEW42I
— Ali Charts (@alicharts) November 6, 2026
He argued the shift could be constructive from a contrarian view. In his reading, XRP may be forming an inverse head-and-shoulders bottom that the crowd has not yet noticed. The pattern — three troughs with a deeper middle low — is one chartists treat as a potential reversal formation.
Key Levels on the Chart
Analysts flag $1.21 as the key support level to watch, with $1.34 and the 200-week EMA near $1.36 acting as overhead resistance.
The $1.21 level corresponds to a 61.8% Fibonacci retracement, according to analyst More Crypto Online. Fibonacci retracements are ratios traders use to map potential support and resistance zones within an established trend. XRP bounced from that level earlier, then climbed toward resistance near $1.34 without breaking above it. In his view, the token must form a higher low and then clear $1.34 to confirm a bottom, though his latest update noted that the bounce lacked momentum. If $1.21 fails, his chart points to the 78.6% retracement near $1.11. Another analysis lists support at $0.98.
On the daily timeframe, XRP trades below the 200-week exponential moving average (EMA) at $1.36, while the relative strength index (RSI), a 0-to-100 momentum gauge, has dropped to 42, below the neutral 50 mark.
Darkfost said the coming days should reveal whether the Binance outflows continue or were a one-time spike. A return of ETF inflows, he added, would provide the demand the current setup lacks.
The divergence between on-chain accumulation and soft ETF demand now frames the debate among analysts heading into the coming sessions.
Source: CoinCentral
