The amount of XRP deposits from whales to Binance has surged to a six-month high, with over 2.66 billion XRP tokens transferred to this exchange in the past 30 days.
According to the latest analysis from CryptoQuant, this figure marks the largest XRP capital flow from large holders since April 2024, indicating a significant increase in whale activity.
This large influx of capital shows that major XRP holders are actively transferring tokens across the network and collaborating with Binance as the primary exchange.
Meanwhile, cryptocurrency whales have purchased over 100 million XRP amid recent market volatility. These large investors have taken advantage of XRP's drop below the $2 support level, possibly due to signs suggesting that the price could rise. The large volume of XRP being bought back indicates that participants in this market have strong confidence in the future performance of the token despite ongoing price fluctuations.
The price of XRP has recovered, and the asset is trading at nearly $2.42 at the time of writing, an increase of about 10% in the past 24 hours.
This recovery is believed to have been influenced by Ripple receiving regulatory approval to launch RLUSD, the company's new stablecoin. Ripple Labs CEO Brad Garlinghouse confirmed the approval from the New York State Department of Financial Services (NYDFS) after a lengthy review process.
In a December 10 post on X, Garlinghouse mentioned that Ripple would soon reveal the list of exchanges and partnerships for RLUSD. Announced in April this year, this stablecoin is set to compete with Tether's USDT and Circle's USDC.