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XRP whales added 65.32 million tokens worth roughly $72 million between November 7 and November 11, even as US spot XRP ETFs recorded about $18 million in net outflows across two consecutive sessions. Grayscale's GXRP drove most of the November 10 outflow, shedding $7.2 million on its own. The token trades near $1.04, down 35% from its October high at the $1.60 level.
Why it matters
The divergence splits the market into two camps. Large holders are treating the correction as an accumulation window, while ETF investors cut exposure for a second straight session. The technical picture backs the bears for now: the 14-day RSI sits at approximately 23, deep in oversold territory, and the MACD remains negative.
Analyst Dark Defender is sticking with an ambitious $10.11 target built on an Elliott Wave structure projecting an advance toward $7.07, a Wave 4 correction near $4.10, then a final rally into double digits. But XRP has already broken below the $1.21 and $1.12 support levels he flagged on November 6, undermining the setup's near-term footing.
Market impact
The next major support sits around $0.9852, which corresponds with the August low. Losing that level could trigger another wave of selling pressure and put the bullish projection further out of reach.
Reaching $10.11 from roughly $1.04 would require a climb of about 869%, a move that demands renewed market-wide confidence and sustained demand. If whale wallets keep absorbing available supply, XRP could find the buying pressure needed to stabilize. Persistent ETF redemptions, on the other hand, would leave the double-digit target looking increasingly distant.
Frequently asked questions
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How much XRP did whales accumulate recently?
Large holders bought 65.32 million XRP worth about $72 million between November 7 and November 11, treating the correction as an accumulation opportunity.
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How much have US spot XRP ETFs withdrawn?
US spot XRP ETFs recorded roughly $10.4 million in net outflows on November 9 and $7.6 million on November 10, for combined withdrawals of about $18 million. Grayscale's GXRP shed $7.2 million on November 10.
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What is Dark Defender's XRP price target?
The analyst projects $10.11 using an Elliott Wave structure with an advance toward $7.07 and a Wave 4 correction near $4.10. From about $1.04, that target requires a gain of roughly 869%.
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How oversold is XRP right now?
The 14-day Relative Strength Index has dropped to approximately 23, deep inside oversold territory, while the MACD remains negative as XRP trades near $1.04.
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What is XRP's next major support level?
The next major support sits around $0.9852, which corresponds with the August low. Losing that level could expose XRP to another wave of selling pressure.
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