XRP Whale Activity Shifts as Binance Leverage Ratio Plummets

XRP's market dynamics may be shifting as whale activity and leverage metrics suggest a changing landscape. Despite XRP trading relatively flat on Wednesday, analysts point to notable changes in its market structure.

According to CryptoQuant analyst Amr Taha, XRP whale transactions are becoming increasingly dispersed across centralized exchanges rather than remaining concentrated on Binance. The seven-day moving average of the XRP Whale against Retail Spread across all centralized exchanges surged from 26.0% on May 6 to 50.9% by June 29.

Binance, however, has moved in the opposite direction, with its Whale vs. Retail Spread declining from 62.0% on June 11 to 44.6% on June 29, leaving it below the broader centralized exchange average. This divergence suggests that large XRP transfers are no longer as heavily concentrated on Binance.

Additionally, analyst Darkfost noted that Binance's Estimated Leverage Ratio (ELR) has fallen to 0.16, one of its lowest readings since November 2024 and close to the April 2026 low of 0.15. Lower ELR readings generally indicate that speculative leverage is being removed as traders close positions or are liquidated.

Popular analyst Ali Martinez believes XRP may be approaching an important technical inflection point, with its monthly chart generating a TD Sequential buy signal and shorter-term price action consolidating inside a symmetrical triangle on the hourly timeframe.