Binance Ripple (XRP) Holdings Surge…Highest Level in 69 Days

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As the price of XRP (Ripple) has rebounded by over 30% in the past month, Binance's XRP holdings have surged to their highest level in 69 days. In particular, with whale inflows to Binance reaching a six-month high, the possibility has been raised that large-scale holders are moving their assets to a tradable environment.

According to crypto media outlet Finbold on September 18 (local time), XRP's market capitalization increased by $1.7 billion in 24 hours, reaching $83.9 billion. Concurrently, CryptoQuant's 14-day Simple Moving Average (SMA) of XRP exchange holdings rose to approximately 2,622,788,936 units on September 17. This is the highest level in approximately 69 days since July 10-11.

Binance's XRP holdings increased by 15,617,597 units from approximately 2,607,171,339 units on August 2. The increase rate over 47 days was 0.59%. This increase in exchange holdings coincided with an increase in whale transactions moving over 1 million XRP to Binance. According to CryptoQuant, the 30-day sum of XRP whale inflows to Binance surged to approximately 1.6 billion units, marking a six-month high since March.

Despite the increase in exchange holdings, the price showed a strong recovery over the past month. XRP was trading at $1.33 at the time of reporting and had risen by over 32% in the last 30 days. However, its year-to-date return still stands at -27.67%.

Trading has also become more active. XRP's 24-hour trading volume recorded $2.96 billion, with over $220 million of that volume occurring on Binance. This indicates a simultaneous trend of increasing trading volume alongside recent price surges, and a rise in XRP supply on exchanges.

Finbold suggested that the increasing XRP holdings on Binance could be due to whales moving their holdings to a tradable environment. However, the outlet did not conclude that the increase in exchange holdings itself led to actual sales. Currently, the market is noting the simultaneous occurrence of the highest exchange holdings in 69 days and the largest whale inflows in six months.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*