XRP Whale Activity Spikes as Billions of Dollars Deposited to Binance Every Day

XRP whales are sending their assets to Binance with a large pattern, from 0.2 billion to 6.9 billion tokens per day. This exchange is currently leading the industry in XRP deposits.

Some analysts have hypothesized that the increasing optimism about XRP ETF funds is helping to drive these trends. Even if full approval may still be months away, the process is still impacting the XRP market.

XRP Whales Converge on Binance

The cryptocurrency community is very optimistic about an XRP ETF, which has driven some price increases. New data shows a useful measure to gauge market momentum: XRP whale activity on Binance.

According to analysis from CryptoQuant, Binance is currently receiving the most XRP whale activity. These traders are not only betting on the market but also moving it in a consistent pattern.

However, XRP deposits continue, even though this could cause prices to drop:

"XRP whale deposits to Binance tend to indicate turning points for XRP prices. For example, XRP prices touched a dip from 07-09/04 when inflows surged from 1.2 to 6.9 billion. Similarly, XRP prices reached a local peak in early 03 when whale deposits increased from 0.7 to 2.9 billion XRP," said Julio Moreno, Head of Research at CryptoQuant.

In early 03, XRP whales reached unprecedented activity levels, potentially indicating an upcoming distribution phase. This morning, new data shows that these large-volume traders have bought over 900 million XRP tokens in 04.

XRP trading volume on exchanges is surging everywhere.

This increasing activity could have a negative impact on XRP prices, but that might not matter in the long term. These traders can actually move the XRP market, and that knowledge is part of their calculation.

Although the XRP ETF recently faced some obstacles, the broader picture still looks optimistic.

Even if the ETF receives approval, there are concerns that it may have limited market appeal. In any case, Bitcoin ETFs are currently occupying about 90% of that market sector.

However, these whales show a significant level of optimism about XRP's future.