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Rapid depeltion at an alarming rate: are creme-de-la-creme investors hoarding XRP on self-custodial wallets?
As the crypto markets hit over $1.5 billion in leveraged position liquidations for the second time this week, analysts are highlighting ‘buy the dip’ opportunities.
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On the other hand, some exchanges take this time to prepare their liquidity for upcoming bull markets. In Coinbase’s case, it seems that the largest American crypto exchange knows something about Ripple (XRP) that competitors don’t.
The massive liquidation swamp on Coinbase has once again raised eyebrows, as the exchange pulled out 32.84 million XRP tokens from their cold & hot crypto wallets over the past 7 days. The cash out comes amidst plunging figures for XRP coin on Coinbase’s Futures markets, garnering above $100 million while Bybit & Binance hosts a multi-billion daily market.
Presently at 2,353,401 XRP coins in place, Coinbase went down below in XRP Ledger’s rich list, owning less Ripple tokens than some independent crypto whales. Out of other well-known crypto names, only Nexo, Robinhood & Deribit crypto exchanges have fewer Ripple (XRP) coins at hand.
With numerous legal headwinds bringing new adoption opportunities for Ripple (XRP), analysts expect the recent $3.65 all-time high to face a retest. On the other hand, a drop below the $3 price level, testifying to a bull trap otherwise referred to as fake-out, raises the odds of a price plunge to $2, bouncing off the next major demand area.
Big-time players might be signaling that Ripple coin (XRP) has found its foot in this week’s market dip, as the Chaikin Money Flow (CMF) eventually turned positive on Friday evening.
Ripple’s market value remains way below the $3 psychological threshold, but remains above the mid-tier Bollinger Band (BOLL), a line typically trend-setting the relationship between crypto bears & bulls, or short-sellers versus believers.
For a bigger upward breakout, the mainstream remittance altcoin’s price would have to tack on $3.52, as this confluent resistance area stands for the red-label Bollinger Band.
Nevertheless, a proper altcoin rebound could drag on till late 2025, when all of the 11 Ripple ETF submissions are getting settled. Right now, Bloomberg’s expert belief that there’s a 95% chance of a Ripple-based ETF approval this year aligns with the public’s opinion.
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Likely large-scale withdrawals or transfers to Ripple partners, per the latest rich list data.
A 92.8% drop to 2,353,401 XRP reflects intense demand or Coinbase’s strategic reallocation.
With only 2.35M XRP left, liquidity could tighten, potentially boosting price if demand surges, but risks sharp swings.
Yes, such low reserves could be slated for a speedy adjustment in case of rapid demand hike.
Research deeply and consult an expert—this reserve crash adds high uncertainty to the market.
This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.
Tadas Klimaševskis is a DailyCoin Journalist, covering memecoins & latest developments. Tadas has moderate holdings in SHIB, HBAR, LTC, MATIC and a selection of low-cap meme currencies.
Crypto features | September
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