$XRP on Binance just hit a 3-month low. 2.7B tokens sitting on exchange, down 66M since March.
The sharpest drawdown happened May 12–24 right when price was capitulating toward $1.09.
People were pulling XRP off exchange while it was bleeding. That's not panic selling. That's accumulation.
Price is down 36% YTD. The $1.36 support broke. But exchange supply keeps draining.
Something has to give.