Ripple Whale Deposits to Binance Reach 6-Month High, Over 2.66 Billion XRP Transferred
2024-12-12
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Whale deposits into Binance have surged to a six-month high, with over 2.66 billion XRP tokens moved to the exchange in the past 30 days.
According to the latest analysis by CryptoQuant, this figure marks the largest influx of XRP by large holders since April 2024, indicating a notable uptick in activity among whales.
These large inflows suggest that big XRP holders are actively transferring tokens across the network and engaging with Binance as a key exchange.
Meanwhile, crypto whales purchased over 100 million XRP amidst the recent market volatility. These large investors capitalized on XRP’sdropbelow the $2 support threshold, likely due to signs pointing toward a possible price increase. The significant volume of XRP acquired suggests these market participants have strong faith in the token’s future performance despite the ongoing price fluctuations.
XRP’s price has since recovered, and the asset was trading near $2.42 at the time of writing, surging by approximately 10% over the past day.
This rebound is believed to be influenced by Ripple’s successful regulatoryapprovalto launch RLUSD, its new stablecoin. Ripple Labs CEO Brad Garlinghouse confirmed the approval from the New York Department of Financial Services (NYDFS) after a lengthy review process.
In a December 10 X post, Garlinghouse mentioned that Ripple would soon reveal RLUSD’s exchange listings and partnerships. Unveiled in April this year, the stablecoin is set to rival Tether’s USDT and Circle’s USDC.