XRP whale and shark wallets fall 20.6% in eight weeks

According to CryptoQuants XRP Binance Reserves chart, the exchange now holds just above 2.7 billion XRP, the lowest level ever recorded since July 2024.

Price pullback takes the token 9% down in the week

While supply concentration tightens, XRP has been facing strong rejection in the past 30 days from the $2.50 resistance zone. The token has since rolled over again and is trading near $2.00, almost 10% below its weekly highs and 1.6% down in the last 24 hours.

Any retracement higher is expected to meet resistance between 2.2752 and 2.5808, a zone where sellers have been re-entering the market. According to several XRP enthusiasts, including commentator Egrag Crypto, only a decisive move above 2.5808 on strong volumes would invalidate the current bearish structure.

“A Bullish Pennant is forming, and XRP is now trading above the 50 EMA. In 2021, the 50 EMA was brutal resistance. Today, its strong support. If BTC dominance peaks, XRP will surge,” the analyst surmised.

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