Binance Surpasses Six-Month High in XRP Whale Inflows

Binance has seen a significant increase in XRP whale inflows to its platform, reaching a six-month high. According to onchain data from CryptoQuant, cumulative inflows over the past 30 days have reached approximately 1.6 billion XRP, the highest level since last March.

This represents a notable rise in XRP being sent by large wallets to Binance, compared to previous months, after a steady decline since March and lows in May, June, and July.

The increase in whale inflows implies that more XRP is being transferred into a more liquid environment, which might lead to a potential increase in the available market supply in the short term. However, it's essential to note that these transfers could be for trading, liquidity management, or the reallocation of holdings between wallets and exchanges.

XRP is currently trading at $1.32, up 0.82% in the last 24 hours. Analyst Ali notes that XRP seems to be forming an inverse head-and-shoulders pattern on the daily chart, which could trigger a major move if confirmed.