Ripple Whale Deposits on Binance Hit 6-Month High, Over 2.66 Billion XRP Transferred

Whale deposits on Binance have surged to a six-month high, with more than 2.66 billion XRP tokens moved to the exchange in the past 30 days.

According to CryptoQuant’s latest analysis, this figure marks the largest influx of XRP by major holders since April 2024, indicating a notable increase in activity among whales.

These large inflows suggest that large XRP holders are actively transferring tokens to the network and interacting with Binance as a key exchange.

Meanwhile, crypto whales bought over 100 million XRP amid recent market volatility. These big investors took advantage of XRP’s drop below the $2 support threshold, likely due to signs pointing to a possible price increase. The significant volume of XRP purchased suggests that these market participants have great faith in the token’s future performance despite ongoing price fluctuations.

Since then, the price of XRP has recovered, and the asset was trading near $2.42 at the time of writing, up roughly 10% over the past day.

This bounce is believed to be influenced by Ripple’s successful regulatory approval to launch RLUSD, its new stablecoin. Ripple Labs CEO Brad Garlinghouse confirmed the New York Department of Financial Services (NYDFS) approval after a lengthy review process.

In a post on December 10th, Garlinghouse mentioned that Ripple would soon reveal exchange listings and RLUSD partnerships. Introduced in April this year, the stablecoin will rival Tether’s USDT and Circle’s USDC.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit – Use this link to register and open a FREE $500 position with any currency!