Crypto
Binance-Led XRP Outflows Spike Above 320M
XRP outflows from exchange transactions of 1 million tokens or more have spiked above 320 million, according to data from CryptoQuant. This surge is reminiscent of a similar jump in August, which saw XRP's price climb by over 42%.
Binance led the move with Coinbase, Upbit, Bybit, and Bitget also showing heavy outflows. Analyst Xaif Crypto noted that this situation echoes the last time we saw a spike like this, in August, when XRP ripped from $1.05 to $1.50.
On Binance, XRP reserves fell by about 57 million tokens in three days, erasing more than half of a two-week build-up. This decrease could leave fewer tokens available for spot trading and ease selling pressure, said analyst Amr Taha.