XRP faces price volatility amid whale withdrawals and Gemini expansion

XRP is experiencing significant market volatility following a recent 46% rally. While the token recently surged toward $1.70, it has faced downward pressure, retreating toward the $1.40 support level. This decline is attributed to a leverage unwind on exchanges like Bitfinex, where long positions have decreased as market participants face liquidations.

Large-scale investor activity has also been notable. Whale withdrawals from Binance reached over 231 million XRP, totaling more than $335 million in a single day, marking a significant shift in holder behavior. Additionally, XRP futures trading volume hit $11.37 billion on August 22, the highest level in several months, driven by intense activity across major exchanges including Binance, Bybit, OKX, and Bitget.

In terms of infrastructure, Gemini has expanded its services in Singapore by enabling direct deposits and withdrawals via the XRP Ledger (XRPL). This allows local users to move assets directly on-chain between Gemini and external wallets, moving beyond simple trading and custody services.