Ripple's XRP Surges 8.3% Amid Record Binance Inflows

Ripple's XRP has seen significant price gains in recent days, reaching $1.49 as of writing and trading above its 200-week EMA resistance at $1.37.

This uptrend coincides with a surge in inflows to Binance, with XRP deposits increasing by 663% compared to the quarterly daily average, according to CryptoQuant data.

The analyst notes that most of these deposits occurred between September 16 and 17, which were the dates when the Federal Reserve hiked rates. This may indicate venue rebalancing around the decision rather than distribution.

XRP's open interest has also reached a one-month high of $3.37 billion, despite ongoing short liquidations, with $7.92 million in shorts being squeezed out today.