Just took a look at the on-chain numbers for $XRP . Put these three figures together, and something feels a little off:
Binance’s XRP scarcity index surged to 2.1, its highest level since 2022, according to CryptoQuant. The figure was still negative in September and October. There are 2,147 whale wallets holding over 1 million coins—the most this year—and whales added another 60 million coins last week.
But the price isn’t cooperating at all: $1.22, down 6.6% in 24 hours and more than 10% in a month. The 50-week moving average at $1.48 has been overhead for a whole year, while $1.20 is the floor.
Even stranger is another set of figures: Binance replenished 280 million coins over two days. On October 29, hackers stole 233 million in five minutes, so the replenishment was even larger than the loss—is there really a shortage, or is this just an accounting trick to plug the hole?
A: The scarcity is real; holding $1.20 would be an opportunity
B: Once the replenishment arrives, the index will immediately be exposed for what it is
$XRP $BTC $ETH
#XRP #Ripple
Binance’s XRP scarcity index surged to 2.1, its highest level since 2022, according to CryptoQuant. The figure was still negative in September and October. There are 2,147 whale wallets holding over 1 million coins—the most this year—and whales added another 60 million coins last week.
But the price isn’t cooperating at all: $1.22, down 6.6% in 24 hours and more than 10% in a month. The 50-week moving average at $1.48 has been overhead for a whole year, while $1.20 is the floor.
Even stranger is another set of figures: Binance replenished 280 million coins over two days. On October 29, hackers stole 233 million in five minutes, so the replenishment was even larger than the loss—is there really a shortage, or is this just an accounting trick to plug the hole?
A: The scarcity is real; holding $1.20 would be an opportunity
B: Once the replenishment arrives, the index will immediately be exposed for what it is
$XRP $BTC $ETH
#XRP #Ripple