Binance XRP Holdings Plummet to Lowest Since February 2024
Binance's XRP holdings have hit their lowest level since February 2024. Over the past year, about 500 million XRP has left the exchange.
The average monthly XRP reserves on Binance have fallen from around 3.1 billion in November last year to approximately 2.6 billion now. This drop amounts to a decline of about 500 million XRP in less than a year, according to Darkpost, a contributor to blockchain media outlet CryptoQuant.
XRP's price has risen by around 30% over the past month, but Binance's holdings have decreased during this time. A falling exchange balance can indicate that investors are moving assets from exchange wallets, where they can be quickly sold, to private wallets or long-term storage wallets.
The trend continued even as XRP experienced a significant price correction of about 63% between its high of $3.66 and its low of $1.35. Despite this drop, XRP withdrawals on Binance persisted during that period. Darkpost suggests that some investors may be accumulating XRP, given the current reserve level.