Why rising XRP whale counts are a fake bullish signal

A redistribution of XRP stolen from Binance created six new accounts above the one-million-token threshold on Nov. 2, showing how large-wallet counts can grow through transfers alone.Blockchain analytics firm Bitquery traced the split from one receiving account into seven new accounts, with six clearing the million-token threshold.An address tally can increase through the movement of existing holdings, making its interpretation important before drawing a bullish conclusion.Six large recipients, one depleted senderBinance's Nov. 3 report said five of its hot wallets sent 233.46 million XRP to an attacker-controlled address between 20:05 and 20:09 UTC on Oct. 29.Bitquery's address list shows that five Nov. 2 recipients received 40,001,000 XRP each. Another received 33,455,920 XRP, alongside the small seventh account.For a raw count of addresses holding at least one million XRP, six qualifying recipients replacing one qualifying sender would mean a net increase of five. That calculation requires the sender to have been counted beforehand, all six recipients to qualify afterward, and consistent address coverage and observation cutoffs.Stolen XRP was split among seven wallets, potential...