TLDR
- Binance accused of dumping XRP, raising concerns over potential market manipulation.
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Whales have accumulated 340M XRP worth $962M, signaling confidence in a breakout.
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XRP price drops 4% in a week, despite whales showing increasing interest in the token.
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Analysts predict XRP could surge above $4 with a breakout above $3.20.
A growing controversy has emerged around Binance, with accusations that the exchange is deliberately suppressing the price of XRP. A crypto expert, Pumpius, raised concerns in a recent X thread, suggesting that Binance has been placing consistent sell pressure on XRP to prevent the token from experiencing a price breakout.
According to the expert, this move is a tactic used by Binance to maintain XRP as “just another altcoin” in the market and to preserve its dominance over more speculative tokens.
The allegations suggest that Binance is deliberately using market makers to offload XRP and create artificial liquidity drains. This is believed to occur when Ripple, the company behind XRP, makes positive announcements such as new partnerships or legal victories. The sell pressure, critics argue, coincides with these events, making it seem as though the market is reacting negatively to XRP’s progress.
Whale Activity Signals Strong Confidence in XRP’s Future
Despite the ongoing sell-off, XRP has attracted significant whale interest. Over the past two weeks, whales have quietly accumulated a massive 340 million XRP tokens, valued at nearly $962 million. Of this total, $268 million worth of XRP was withdrawn directly from exchanges, signaling a shift toward self-custody.
This large-scale accumulation comes at a time when XRP’s price has fallen to around $2.80, down approximately 4% over the past week.
Yet, the increase in whale participation suggests that institutional investors and high-net-worth individuals are positioning themselves for a potential breakout. As XRP consolidates within a symmetrical triangle pattern, many analysts are predicting that a breakout above $3.20 could lead to a rapid surge toward the $4 mark.
XRP Technicals Point Toward a Potential Breakout
XRP’s price has been facing downward pressure, with the token recently dipping below key moving averages. However, the technical indicators point toward a potential bullish breakout in the coming days. On the daily chart, XRP is currently trading within a symmetrical triangle pattern, a setup that typically precedes volatile price movements.
The support at $2.80 has remained strong, while lower highs continue to tighten the price action. Analysts believe that if XRP can break above the $3.20 resistance level, the token could quickly surge toward the $4 mark. The positive market sentiment around XRP is also reflected in the 23% increase in trading volume over the past 24 hours, further fueling speculation about a price surge.
Despite the pressure from Binance’s alleged actions, the growing whale activity and bullish technicals suggest that XRP’s market dynamics may be shifting toward a more positive outlook.
