Key facts
- Ripple transferred over 99.86 million XRP coins, valued at approximately $150 million, to a Binance-associated wallet.
- XRP price has fallen nearly 4% in the last 24 hours and over 9% in two weeks.
- XRP futures open interest decreased by over 6% to $3.38 billion in 24 hours.
- About 1.6 billion XRP flowed into Binance in the past 30 days, the highest 30-day inflow since March.
Ripple transferred approximately $150 million worth of XRP to the Binance crypto exchange, a move that has sparked speculation about potential selling pressure on the cryptocurrency. On-chain data revealed that Ripple moved over 99.86 million XRP coins through its internal wallets before distributing them to a wallet associated with Binance.
These transfers occur as XRP's price has experienced a nearly 4% decline in the past 24 hours and a more than 9% drop over the last two weeks. The cryptocurrency saw nearly $12 million in short liquidations within a two-hour period, contributing to a 24-hour low of $1.45, though trading volume has increased by approximately 40%.
Data from CryptoQuant indicates that about 1.6 billion XRP has flowed into Binance over the last 30 days, marking the highest level since March. Conversely, whale outflows from Binance during the same period were 1.38 billion XRP. Analysts suggest that continued inflows and rising exchange reserves, coupled with a weakening price, could strengthen downside risk.
Derivatives markets also reflect selling activity, with total XRP futures open interest tumbling over 6% to $3.38 billion in 24 hours, according to CoinGlass data. Selling pressure was recorded across various crypto exchanges.