As the digital currency ecosystem evolves, XRP has become a focal point due to large-scale investments flowing into Binance. According to CryptoQuant, inflows from major XRP investors to Binance have reached a six-month high, coinciding with a brief dip in XRP’s price below $2.
Significant Binance Inflows from XRP Investors
Over the past 30 days, major investors transferred more than 2.66 billion XRP to Binance, as noted by analyst J.A. Maartun. This marks the highest level of activity since April 2024, suggesting increased engagement by large XRP holders with the exchange.
“In the last 30 days, 2.66 billion XRP tokens were moved to Binance, representing the highest investment by major players,” said Maartun.
A graph shared by CryptoQuant highlights three notable periods of large XRP transfers to Binance since November 2022. These include:
- November 2022: 2.4 billion XRP
- April 2024: 2.8 billion XRP
- Current period: 2.66 billion XRP
Such movements often indicate a shift in market activity, potentially signaling selling intentions due to Binance’s strong liquidity.
RLUSD Stablecoin and XRP’s Price Recovery
At the time of writing, XRP’s price stands at $2.25, experiencing a 3.3% drop within 24 hours. However, after briefly falling to $1.912, XRP showed signs of recovery. This resurgence aligns with Ripple Labs securing approval for the RLUSD stablecoin from the New York Department of Financial Services (NYDFS).
The approval allows Ripple to launch the stablecoin on previously announced partner platforms, further strengthening the XRP ecosystem. The introduction of RLUSD could enhance investor confidence and contribute to XRP’s long-term price stability.
Implications for XRP’s Future
The combination of significant Binance inflows and RLUSD’s approval positions XRP at a critical juncture. While the increased activity may create short-term selling pressure, the broader developments within the XRP ecosystem, such as the stablecoin’s launch, offer potential for sustained growth.
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