XRP whales are depositing their assets on Binance in significant volumes, ranging from 0.2 billion to 6.9 billion tokens per day. This exchange is currently the leader in the industry for XRP deposit volumes.
Some analysts have suggested that the growing optimism about the ETF on XRP is contributing to these trends. Even if full approval may take a few months, progress still has an impact on the XRP market.
XRP whales are heading to Binance
The crypto community is very optimistic about the ETF on XRP, fueling some bullish behavior. New data indicates a useful barometer for measuring market dynamics: the activity of XRP whales on Binance.
According to analysis from CryptoQuant, Binance is currently the largest recipient of increased XRP whale activity. These traders are not only betting on the market but also moving it in a consistent direction.
And yet, XRP deposits continue, even if it may lead to a price decline:
"Whale deposits of XRP on Binance generally indicate inflection points for the price of XRP. For example, the price of XRP reached a bottom between April 7-9 when inflows of XRP increased from 1.2 to 6.9 billion. Similarly, the price of XRP found a local maximum in early March when whale deposits increased from 0.7 to 2.9 billion XRP," noted Julio Moreno, head of research at CryptoQuant.
At the beginning of March, XRP whales reached unprecedented activity, possibly indicating an upcoming phase of distribution. This morning, new data showed that these high-volume traders bought over 900 million XRP tokens in April.
The trading volume of XRP on exchanges is rising worldwide. This increased activity could have a negative impact on the price of XRP, but it may not matter in the long run. These traders may actually be moving the XRP market, and this knowledge is part of their calculations.
Even if the ETF on XRP recently faced some delays, the overall picture still looks optimistic.
Even if the ETF gets approved, there are still concerns that it may have limited appeal in the market. Ultimately, Bitcoin ETFs currently account for about 90% of this market sector.
However, these whales are showing a significant level of optimism regarding the future of XRP.#BinanceSquare #Write2Earn #Binance #xrp #crypto $XRP