Binance Sees Substantial Inflows of XRP Amid Price Decline

XRP has experienced a substantial increase in inflows at Binance, with data showing that over 31 million XRP worth approximately $45 million was transferred into the exchange within a 24-hour window.

The majority of these transactions were attributed to large wallet holders, specifically those holding between 100,000 and 1 million XRP, as well as addresses with over 1 million XRP. These groups collectively accounted for nearly the entire daily inflow, while smaller wallets contributed significantly less to the total volume.

The exchange supply ratio has also seen a slight decrease over the past ten days, dropping from 0.027 to 0.025. This metric tracks the share of circulating XRP held on exchanges and is an indicator of market dynamics. Crypto analyst Diana noted that when XRP leaves exchanges, it typically moves to cold storage or custodial wallets, reducing the supply available for trading.

XRP's price has been impacted by these developments, with a 60% pullback from its July peak. The asset currently trades below $1.350 and is under pressure from the 23.6% Fibonacci retracement level. Market participants are closely monitoring technical levels and exchange flows as XRP approaches a higher time frame demand area.