Binance Sees XRP Inflows Spike 663%, Price Hits $1.59 En Route to $1.80

XRP has seen a significant surge in exchange activity on Binance, with inflows increasing by a staggering 663% over its quarterly baseline. The data from CryptoQuant shows that the average daily XRP deposits on the exchange have risen to around 21.7 million tokens during the week ending September 20.

This increase in deposits has not led to a corresponding rise in the amount of XRP tokens available on exchanges, as reserves on Binance remain steady at approximately 2.63 billion XRP, only 0.22% above its quarterly baseline. The data also shows that weekly reserves have increased modestly by just 0.34%, suggesting that the rising buying activity on the exchange has absorbed the tokens flowing in.

XRP's price has followed suit, surging over 5% in the last 24 hours and reaching an intraday high of around $1.59. The asset has now broken through the crucial $1.50 level, opening the path to its long-anticipated target of $1.80.