Why rising XRP whale counts are a fake bullish signal
Summary
Bitquery traced 233.46 million XRP stolen from Binance on Oct. 29 to a redistribution on Nov. 2: one receiving account split the tokens among seven accounts, six of which each held more than one million XRP. This could raise the raw count of million-XRP addresses by five, but does not indicate new buying or independent accumulation. CryptoQuant data on smaller exchange outflows and Binance spot-to-futures volume likewise do not establish new investor holdings. Bitquery reported no onward transfers from the seven recipients as of Nov. 3. Binance said it would absorb the attack’s financial impact and had replenished 98% of impacted token assets by Oct. 31.
