XRP exchange balances have decreased by 34.18% over the past two months, falling from 3.95 billion to 2.6 billion. This significant reduction reflects a shift in investor behavior, with large holders, known as whales, and institutional investors, including XRP spot ETFs, actively accumulating the cryptocurrency. The Whale to Exchange Flow has sharply declined from 48.7k in October to just 1k, while ETFs have contributed to a $439 million increase in total net assets within two weeks. This reduced supply on exchanges suggests a potential supply shock, as XRP continues to trade within a consolidation range of $2.0 to $2.2.