The Spot ETF flows to XRP in October have totaled +$14.52 million so far. The ETF inflows were not enough to halt the 13.4% price decline in October though, with the altcoin falling from $1.49 to $1.29 at the time of writing.
In mid-September, XRP tested the $1.25 local demand zone and saw a bullish price reaction that boosted the token up to $1.65. The retracement since then, including the steady losses in October, has driven the price back to the same demand zone.
AMBCrypto recently reported that the share of exchange transactions amounting to more than one million XRP dropped from 60% to 38.6%. It highlighted a slowdown in large-holder transfers, and their lower accumulation interest could help explain XRP’s price decline.
While the swing structure on the 1-day chart remained bullish, XRP settled into a range formation in recent months. The $1.27-$1.31 demand zone is the one swing traders will want to watch, anticipating a bullish price reaction.
Crypto intelligence platform Santiment observed that the number of non-empty wallets on the XRP Ledger has been rising steadily, despite the price volatility in recent months.
Moreover, the number of new XRP wallets created in a day jumped to 4,772, the fifth-biggest spike this metric has seen since March. Fresh participation and holder growth could boost demand too.
At the same time, XRP inflows from whales (defined as exceeding 1 million tokens) to Binance have accelerated in recent weeks. The monthly inflow average has increased from $72 million in August to $112.4 million. These figures are the highest since March, according to crypto analyst Darkfost.
In fact, they were above the $90 million monthly average recorded in the past three months, and there have been daily spikes of $400 million, reinforcing the claim that whale selling has intensified.
Right now, whale inflows have retraced to typical levels, but a trend in the opposite direction would be more encouraging for investors and swing traders looking to buy at the $1.25 demand zone.