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Highlights
- XRP whales are sending enormous funds to Binance Exchange
- XRP is facing drawdown in price as showcased by market trends
- With RLUSD stablecoin now licensed in New York, a recovery is lurking around
With the digital currency ecosystem showcasing different market sentiment, XRP whales have pushed the frontlines with inflows to Binance Exchange. According to data insight from CryptoQuant, XRP whales’ exchange flow to Binance has hit a 6-month high. This metric comes as the price of XRP briefly dropped below the $2 mark in sustained market drawdown.
XRP Whales and Binance Selloff Outlook
Per the CryptoQuant update, over the past 30 days, whales have moved more than 2.66 billion XRP to Binance. Analyst J.A. Maartun highlighted that this is the highest since April 2024. This onchain trend indicates that XRP whales are active and interacting with Binance.
Exchange Flow (Whales) to Binance hit a 6-month high
“Over the past 30 days, more than 2.66 billion $XRP tokens have been moved to the exchange. This is the highest amount of #XRP deposited by large holders since April 2024” – By @JA_Maartun
Link 👇https://t.co/sLtCfbdv1n pic.twitter.com/VXDnUv9oTZ
— CryptoQuant.com (@cryptoquant_com) December 10, 2024
Per the chart shared by CryptoQuant, there are three distinct periods marking whale token movements to Binance since April 2022. The first comes around November 2022 when large buyers moved 2.4 billion XRP to the trading platform. Also, April 2024 saw a bump in this figure to 2.8 billion XRP. The current figure 2.6 billion XRP underscores sustained interest in the coin.
There are different explanations that addresses the XRP whale movement to Binanc. According to J.A. Maartun’s analysis, this trend often connote a change in activity. It could signal selloff signs as top crypto trading platforms boasts of a robust liquidity to cushion the withdrawal demands.
With Ripple escrow intervention, this XRP market liquidity is balanced out, helping to sustain the coin’s price.
Boosting the Coin With RLUSD Stablecoin
At the time of writing, the price of XRP was changing hands for $2.25, down by 3.3% in 24 hours. For a coin that dropped to a low of $1.912 within the same time span, this recovery is considered a positive sign for the coin.
The recovery comes after Ripple Labs announced it has secured approval for RLUSD stablecoin in New York. The license from the New York Department of Financial Services (NYDFS) paves the way for the stablecoin to launch on its pre-revealed partner platforms.
As a token in the broader XRP ecosystem, the RLUSD stablecoin may favor the ongoing revival in the price of the coin.
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