XRP Rises to $1.31 as Whale Wallets Grow and Binance Supply Data Diverges
XRP climbed about 2% to $1.31 on November 5 alongside a broader crypto rebound, while Santiment counted 2,147 wallets holding at least 1 million XRP. Analysts disagree on what recent Binance exchange data signals, with one CryptoQuant contributor reading reduced available supply and another reporting a rise in reserves.
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Price Recovery and Market Backdrop
XRP traded near $1.31 on November 5, up roughly 2% and recovering from a decline toward $1.25, according to crypto.news. The move came as a broader market rebound followed volatility around the U.S. midterm elections, with Bitcoin above $80,000, Ethereum near $2,400, Solana up around 3%, and BNB near $716.
The gains are a partial recovery from October losses. Earlier in the week, 99Bitcoins reported that XRP had traded inside a 2.4% range between $1.2355 and $1.2646 since Saturday, November 1, the second-tightest four-day stretch on Binance since early 2024, while Solana, Cardano and Dogecoin were sliding.
Large-Holder Accumulation
Santiment reported that 2,147 wallets now hold at least 1 million XRP, the highest count recorded in 2026. That group grew by 28 wallets over 10 days, including 18 in the most recent three days. Wallet counts measure addresses that meet a balance threshold and do not necessarily correspond to individual investors.
Crypto analyst Ali Martinez reported that about 13.24 million XRP left exchanges around 01:00 UTC on November 5, and said large holders had accumulated roughly 60 million XRP over the prior week. Martinez acknowledged he could not determine whether the accumulated tokens were the same assets withdrawn from exchanges. Exchange withdrawals do not establish whether holders intend to keep the tokens or move them.
Conflicting Readings of Binance Supply
The sources differ on what Binance's exchange data shows following its October 29 security breach. In a November 5 CryptoQuant analysis, contributor Arab Chain reported that Binance's XRP Scarcity Index reached about 2.1, its highest reading since 2022, after being negative through September and October. Arab Chain read this as reduced immediately available supply on Binance, while noting that any price effect depends on demand and liquidity.
A separate CryptoQuant report by Amr Taha reached a different conclusion from the same period. Taha reported that Binance's total XRP reserves rose from 2.35 billion on November 3 to 2.63 billion on November 5, a net addition of 280 million tokens. Large-transfer netflow moved from negative 226 million XRP on October 29 to positive 273 million on November 4. Taha tied the change to Binance restoring reserves after the breach, but said the source of the inflows remained unverified. The two readings point in opposite directions on supply, and neither report establishes the direction of price.
Technical Pattern Under Watch
Martinez also identified a possible inverse head-and-shoulders pattern on XRP's daily chart, with the current price action potentially forming the right shoulder. He is watching for a move toward the neckline at $1.60, and said a break above that level would put $2.10 in focus. Neither level has been confirmed by price action so far. XRP would need to clear $1.60 to validate the pattern, a move roughly 22% above the November 5 price near $1.31.
Why It Matters
For Traders
Binance reserve data conflicts, so watch whether exchange balances and netflows confirm the scarcity signal before the $1.60 neckline becomes relevant.
For Investors
Rising counts of large XRP wallets point to concentration among big holders, a structural factor to track alongside exchange-supply trends over the coming months.
For Builders
Wallet-count and exchange-reserve metrics from third-party dashboards can diverge sharply, so products relying on them should document methodology and cross-check sources.
This article is for information only and is not financial advice. Read the full disclaimer.
