Whales Drive XRP Outflows Amidst Market Sentiment Shift

XRP's sell pressure has eased in recent weeks as exchange deposits hit monthly lows. This trend is attributed to whales, who have been consistently moving assets out of centralized crypto exchanges since a wider industry trend began.

According to data from Binance, XRP inflows dropped to their lowest level in two months, with exits surging in 361,000 transactions last month. In contrast, deposits were only in 328,300 separate transactions, marking a consistent decline at the end of each week.

This reduction in available supply has led to an immediate uptick in XRP's price. Analysts point out that this behavior is commonly associated with long-term holding rather than an intention to sell immediately.

Notably, whales have resumed consistent accumulation after bulls perceived an asset bottom alongside the general market. This trend is fueled by high-stakes traders who are looking to recover losses since January while lowering risks.