Why is XRP price up today as whale holdings increase?

XRP price has risen around 2% to $1.31 on November 5 as a cryptocurrency market recovery coincided with growing whale holdings and fresh reports of changes in exchange supply.

Market data from crypto.news showed XRP recovering from its recent decline toward $1.25, while Bitcoin traded above $80,000 and Ethereum held near $2,400. The latest gains followed a rebound across major cryptocurrencies after volatility surrounding the U.S. midterm elections.

At the same time, the recovery was not limited to XRP. Bitcoin gained more than 2%, Ethereum rose nearly 4%, and Solana advanced around 3%, while BNB traded higher near $716.

XRP price gains as whales add 60 million tokens

Recent blockchain data showed growing XRP holdings among large investors even as the cryptocurrency recovered from its October losses.

Crypto analyst Ali Martinez reported that approximately 13.24 million XRP left exchanges around 01:00 UTC on November 5. Such withdrawals can reduce tokens immediately available for trading, although the transactions do not establish whether investors intend to hold or transfer the assets elsewhere.

“At the same time, some of the biggest whales have been buying,” Martinez said.

He estimated that large holders accumulated approximately 60 million XRP over the previous week. However, the analyst acknowledged that he could not determine whether the accumulated tokens were the same assets withdrawn from exchanges.

Santiment separately reported that 2,147 wallets now hold at least 1 million XRP, the highest recorded count this year. The group gained 28 wallets over 10 days, including 18 during the latest three-day period.

The increase follows recent XRP wallet growth, when Santiment recorded 7,934 new addresses on November 1 despite the token trading near $1.25.

Wallet counts measure addresses meeting a balance threshold and do not necessarily represent individual investors.

Binance XRP scarcity index reaches four-year high

Exchange data presents different readings of XRP supply following Binance’s October 29 security breach.

In a November 5 CryptoQuant analysis, contributor Arab Chain reported that Binance’s XRP Scarcity Index reached approximately 2.1, its highest reading since 2022.

The index had remained negative throughout September and October before moving into positive territory during the latest sessions.

Arab Chain interpreted the reading as evidence of reduced immediately available XRP supply on Binance, while noting that any price effect would depend on buying demand and liquidity.

Another CryptoQuant contributor, Amr Taha, reported a different development in Binance’s total XRP reserves.

According to his November 5 report, holdings increased from 2.35 billion XRP on November 3 to 2.63 billion on November 5, representing a net addition of 280 million tokens.

Large-transfer netflow reportedly changed from negative 226 million XRP on October 29 to positive 273 million on November 4.

Taha connected the changes to Binance’s reserve restoration following the security incident, although he said the source of the latest XRP inflows remained unverified.

Analysts identify XRP breakout levels

Martinez identified a possible inverse head-and-shoulders pattern on XRP’s daily chart, with the cryptocurrency potentially forming its right shoulder.

“I’m watching for a move toward the neckline at $1.60,” the analyst said.

He identified $2.10 as a possible subsequent target if XRP breaks above $1.60 and confirms the pattern. Neither outcome has been confirmed by the current price movement.

Another analyst, CryptoBullet, suggested that XRP’s second corrective wave may have ended.

“Wave 2 correction may have ended, and we could be at the very beginning of Wave 3,” the analyst wrote.

CryptoBullet identified a break above the 350-day moving average as confirmation he wants to see over the coming weeks.

Recent XRP market analysis had identified slowing ETF demand alongside the recovery, including $529,510 in spot XRP ETF outflows on November 2.

XRP price tests resistance near $1.35

On the daily chart, XRP traded around $1.3175 after recovering from the $1.25–$1.30 support area.

Immediate resistance stands around $1.34–$1.35, followed by $1.40. A sustained move above these levels would put $1.50 in view, while a decline below $1.25 would expose support near $1.20.

The daily Relative Strength Index stood at 50.30, above its moving average of 40.99, indicating improving momentum without entering overbought territory.

Meanwhile, the MACD line at -0.02556 had crossed above the signal line at -0.03204, producing a positive histogram reading of 0.00648.

Both MACD lines remained below zero, so the indicator had not yet confirmed a sustained bullish reversal.