XRP Market Dynamics Unveil No Clear Whale Selling Pressure

A recent analysis by CryptoQuant contributor Pelin Ay has shed light on the current market dynamics surrounding XRP's price action. By examining the exchange inflow activity on Binance, Ay found that large holders have not been increasing their supply to the exchange during the price drop.

The study focused on the largest transfer cohort, which historically plays a significant role in Binance inflow activity. According to the analysis, transfers exceeding 1 million XRP are dominant in the chart during certain periods, indicating that major players are actively using Binance. However, after XRP's 2025 peak, there was a visible decline in the largest Binance inflow bands, suggesting that large holders have not been sending tokens to the exchange at the same intensity.

Ay argued that this distinction is central to her thesis, as a classic whale-led sell-off would typically show a sharp increase in large deposits to Binance. Instead, the chart suggests that the decline is largely due to leverage liquidations and overall market weakness. This means that the current sell-off lacks one of the more damaging on-chain signatures often associated with deeper capitulation.

The implication is not that XRP has no downside risk, but rather that the source of selling pressure matters. A liquidation-driven move can accelerate quickly when leveraged positions are forced out, but it does not necessarily imply that long-term holders are actively distributing into the market.