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XRP Whales Flood Binance: 2.66 Billion Tokens Moved Amid Price Swings

XRP Whales Flood Binance: 2.66 Billion Tokens Moved Amid Price Swings

CoinEditionCoinEdition2024/12/10 16:00
By:Coin Edition

XRP whale inflows to Binance hit a 6-month high showing increased market activity. XRP price briefly dipped below $2 with volatility linked to rising inflows and outflows. Technical indicators show bearish trends with a breakout above $2.50 signaling bullish momentum.

  • XRP whale inflows to Binance hit a 6-month high showing increased market activity.  
  • XRP price briefly dipped below $2 with volatility linked to rising inflows and outflows.  
  • Technical indicators show bearish trends with a breakout above $2.50 signaling bullish momentum.

XRP whales are moving large amounts of XRP to Binance, according to CryptoQuant. This surge in exchange flow to Binance marks a six-month high in XRP deposits.

This coincides with XRP’s price falling below $2. Over the past 30 days, XRP whales have moved over 2.66 billion XRP tokens to Binance. This is the highest inflow since April 2024 and surpasses the previous record of 2.8 billion XRP.

XRP Whales Flood Binance: 2.66 Billion Tokens Moved Amid Price Swings image 0 XRP Whales Flood Binance: 2.66 Billion Tokens Moved Amid Price Swings image 1 Source: CryptoQuant

Whereas, whales had moved 2.4 billion XRP tokens to the platform in late 2022. As tracked by CryptoQuant, these inflows suggested that whales may be preparing for a selloff or were seeking to capitalize on the liquidity of major exchanges like Binance.

XRP Price Correlation with Exchange Flows

Recently, the correlation between XRP’s exchange inflows and price movements has been evident. In November 2024, a sharp rise in net inflows exceeding $150 million coincided with XRP’s price surging past $3, marking a temporary peak.

XRP Whales Flood Binance: 2.66 Billion Tokens Moved Amid Price Swings image 2 XRP Whales Flood Binance: 2.66 Billion Tokens Moved Amid Price Swings image 3 Source: Coinglass

However, this was followed by increased volatility and a notable shift to net outflows in December, which saw large withdrawals. This trend mirrors XRP’s price decline, which fell below $1.50, reflecting profit-taking or a change in broader market sentiment.

Currently, XRP is consolidating within a narrow range of $2.10 to $2.40. Priced at $2.30, XRP has experienced a price increase of 8.45% over the previous day, affirmed by a trading volume of $25.1 billion.

Technical Indicators Signal Caution

XRP’s current technical analysis offers mixed signals. The MACD shows a negative crossover, with the MACD line at -0.0158, below the signal line at -0.0401. This pattern indicates ongoing selling pressure in the short term. Additionally, the RSI, which is currently at 47.90, is nearing the neutral zone.

XRP Whales Flood Binance: 2.66 Billion Tokens Moved Amid Price Swings image 4 XRP Whales Flood Binance: 2.66 Billion Tokens Moved Amid Price Swings image 5 Source: TradingView

Despite this, bullish momentum may return if XRP breaks above $2.50 and the RSI climbs past 60. Moreover, a drop below $2.00 likely confirms further downsides.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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