Whales are moving XRP to Binance, pushing inflows to a seven-month high.
On-chain data shows that, for addresses making single transfers of over 1 million XRP, the monthly average value of inflows to Binance has increased by about $72 million since August, reaching $112.4 million. This is the highest level since March this year and exceeds the average of about $90 million over the past three months. During this period, daily inflows briefly topped $400 million. XRP has also rallied more than 30% since August.
Analyst Darkfost noted that the change coincided with the rally, suggesting some large holders may have taken the opportunity to realize profits. Whale inflows to exchanges have now retreated to more typical levels, indicating that the related selling pressure has eased. However, the trend could still change quickly in response to XRP’s price movements, making whale fund flows a market indicator worth watching.
Scenario to watch 1: If inflows pick up again during a rally, selling pressure could rise once more. Scenario to watch 2: If inflows continue to decline while the price stabilizes, that would be a clearer sign of easing pressure.
Are you watching inflow data more closely, or whether XRP can hold its support?
Source: PANews
Image 1: XRP Whale Inflows to Binance Accelerate to a Seven-Month High · Key Points
Image source: https://www.panewslab.com/zh/articles/01a162e7-5396-7660-b32e-defc355f0c64
On-chain data shows that, for addresses making single transfers of over 1 million XRP, the monthly average value of inflows to Binance has increased by about $72 million since August, reaching $112.4 million. This is the highest level since March this year and exceeds the average of about $90 million over the past three months. During this period, daily inflows briefly topped $400 million. XRP has also rallied more than 30% since August.
Analyst Darkfost noted that the change coincided with the rally, suggesting some large holders may have taken the opportunity to realize profits. Whale inflows to exchanges have now retreated to more typical levels, indicating that the related selling pressure has eased. However, the trend could still change quickly in response to XRP’s price movements, making whale fund flows a market indicator worth watching.
Scenario to watch 1: If inflows pick up again during a rally, selling pressure could rise once more. Scenario to watch 2: If inflows continue to decline while the price stabilizes, that would be a clearer sign of easing pressure.
Are you watching inflow data more closely, or whether XRP can hold its support?
Source: PANews
Image 1: XRP Whale Inflows to Binance Accelerate to a Seven-Month High · Key Points
Image source: https://www.panewslab.com/zh/articles/01a162e7-5396-7660-b32e-defc355f0c64