XRP Spot Flows Drop Puts Whale Activity in Focus, $1.40 Next?

XRP fell to a low of $1.29 at press time, extending a drop from Sunday’s session; its price now awaits the next move, down 0.24% in the last 24 hours.

XRP price retreated from October 21’s $1.39 high, dropping to a low of $1.253 on October 24 before rebounding and settling into a range. As XRP awaits a significant move, an onchain metric is putting whale activity into the spotlight.

According to CoinGlass data, XRP spot flows fell 6,319.62% within a 12-hour timeframe, with spot outflows surpassing inflows. Spot inflows were reported to be $53.85 million while outflows were $54.67 million, resulting in a drop of 6,319.62% in the said timeframe.

Spot flows track the movement of assets into and out of trading platforms, offering clues about buying and selling behavior. Negative net flows could be a sign of more XRP exiting exchanges than entering them, a positive sign that could indicate accumulation. If this is the case, it might suggest that whales find the current XRP prices attractive to buy. Large holders or whales often accumulate during periods of decline or consolidation with the intent of buying at a discount.

$1.40 is the first level to watch, which coincides with the daily MA 50 and has limited XRP’s upside movement since October 8. A sustained move above it would mean a quick return to $1.50 is more than plausible.

XRP remains trapped between its 50 and 200 moving averages on the daily chart. Bears have attempted to push XRP price below $1.25, but bulls stood their ground, returning the price above the daily MA 200 at $1.278, which is highlighted as short-term support for XRP price.

Expectations rise for Swell event

The Swell event, which takes place this week, may be a potential catalyst for XRP price.

For the first time in the event’s history, Ripple is combining Swell with Apex—its summit for developers, institutions, and investors building on the XRP Ledger—and UBRI Connect, the academic conference for Ripple’s University Blockchain Research Initiative.

Swell has historically been where Ripple makes its most significant product and partnership announcements.

In big news, Aviva Investors, the global asset management business of Aviva, and Ripple have announced the launch of a new tokenized share class of the Aviva Investors Sterling (GBP) Liquidity Fund—the firm’s largest fund with approximately £22 billion in assets under management.