XRP Whales Move Away from Binance as Exchange Outflows Shift

Large XRP transfers are increasingly spread across multiple exchanges rather than concentrated on Binance, according to data from CryptoQuant. The 7-day moving average of the XRP Whale vs Retail Spread across all centralized exchanges rose from 26% on May 6 to 50.9% on June 29, an increase of 24.9 percentage points. This indicates that transfers involving more than 100,000 XRP now make up a much larger share of exchange outflows compared to smaller retail-sized transactions than they did in early May.

Binance, however, shows a contrasting trend. The exchange’s Whale vs Retail Spread dropped from 62% on June 11 to 44.6% on June 29, a decline of 17.4 percentage points. As a result, Binance’s reading now stands 6.3 percentage points below the broader centralized exchange average of 50.9%.

The Whale vs Retail Spread measures the difference between XRP outflow volumes generated by transfers above 100,000 XRP and those involving 100,000 XRP or less. Higher readings mean whale-sized transactions account for a larger share of exchange outflows than retail transfers.

The growing gap between Binance and the wider exchange market suggests that large XRP transfers are becoming less concentrated on Binance and increasingly distributed across other trading platforms.

XRP spent most of June under pressure, falling from above $1.30 at the start of the month to around $1.05 at the time of writing. Although the crypto asset saw a brief rebound in mid-June, the recovery quickly faded as sellers regained control. It even slipped behind BNB and USDC in market capitalization.

Currently testing the crucial $1.06 support, XRP is exposed to lower support areas at $0.80, $0.62, and $0.51. Meanwhile, Glassnode reported that XRP investors are realizing more losses than profits. Despite the weakness, some analysts remain optimistic. EGRAG CRYPTO believes that if XRP follows historical price patterns linked to its ‘Central Line,’ the asset could eventually reach between $5.70 and $8.

Source: https://cryptopotato.com/xrp-whales-are-moving-on-and-binance-is-no-longer-their-top-choice/