Large XRP holders have ramped up their transfers to Binance, bringing whale deposits to the cryptocurrency exchange to the highest levels seen in seven months. This development comes as XRP’s price continues to slip, trading close to $1.30 after it fell below major technical support levels.
Whale inflows surge, price faces pressure
Data from blockchain analytics firm CryptoQuant shows the 30-day total of significant XRP deposits to Binance stands at nearly 1.6 billion tokens. This figure matches levels reported in early April. By late July, the sum had fallen to about 400 million XRP, so the pace of large-holder deposits has quadrupled in less than three months. The most substantial single-day deposit activity occurred in mid-August, coinciding with XRP briefly rallying to $1.70.
Whale inflows to exchanges often attract attention because assets transferred to trading platforms are more readily available for sale. One analyst commented that increased deposits by large holders can expand the volume of XRP on centralized exchanges, increasing the risk of selling pressure as a result. While deposits do not guarantee an imminent sale, they do facilitate larger trades if sentiment weakens.
Increased whale inflows to centralized exchanges can increase the amount of XRP available for trading, potentially raising the risk of selling pressure.
| Period | XRP Whale Deposits to Binance |
|---|---|
| Early April | 1.6 billion XRP |
| Late July | 400 million XRP |
| Current (Past 30 days) | 1.6 billion XRP |
XRP’s technical signals and support levels
XRP touched a peak near $1.66 in late September but has since dropped by about 20%. The token has fallen below the 100-day moving average and the 200-day moving average around $1.38—a bearish signal for market participants. Trading volume has also decreased, and the daily relative strength index (RSI) currently sits near 35, reflecting weak momentum. While not yet in oversold territory, the token is hovering near its next support at $1.28, having just tested this level. If downward pressure persists, the $1.00 to $1.05 area is viewed as the next significant price floor.
Technical analysts often interpret a break below two key moving averages as confirmation of a negative trend, with persistent whale deposits worsening the outlook for potential buyers.
For XRP buyers to regain control, the price would need to reclaim $1.38, putting it back above both moving averages. Until then, the market appears to remain in favor of sellers, and additional downside toward $1.20 is possible if whale inflows continue while prices stay under $1.30. Conversely, if significant deposits slow and the token holds above support, the current correction could simply represent a pause within a broader trading range.
Mixed signals from on-chain activity
XRP Ledger’s on-chain data presents a mixed picture. Daily network transactions remain steady at approximately 2.4 million, and the number of active accounts has risen 10%. However, payment transactions have dropped by 38% and overall payment volume is down 52%. This pattern suggests more wallet activity, likely linked to trading rather than increased real-world payments or adoption.
Founded by Ripple Labs, the XRP Ledger is an open-source blockchain designed to facilitate global payments and currency exchange. It supports a wide range of tokenized assets and provides fast, low-cost transactions.
Mini dictionary: CryptoQuant, a blockchain analytics platform that provides real-time data on cryptocurrency flows, including exchange activity and investor behavior analysis.
Until price action reverses and whale activity subsides, analysts believe caution is warranted for market participants watching XRP’s next moves.
