XRP Activity Hits Six-Month High on Binance Amid Range-Bound Trading
XRP's recent activity on Binance has reached its highest levels in six months. Both XRP deposits and withdrawals on the exchange have set new records, with 91,230,719 tokens flowing into Binance on September 11, and 113,912,236 tokens withdrawn that same day.
According to CryptoQuant's Quicktake post, despite the significant inflows and outflows, Binance's XRP holdings saw only a minor increase of 0.43% over the week. The exchange's seven-day average holding was around 2.6263 billion XRP, which is still below its quarterly average.
CryptoOnchain, an on-chain analyst, attributes this phenomenon to more active fund movements rather than net accumulation or large-scale selling. This could indicate internal wallet transfers or asset rebalancing by market makers, although these remain unconfirmed hypotheses.
The derivatives market also shows limited changes, with XRP open interest averaging $476.7 million, a mere 0.23% increase from the previous week. With funding rates easing and liquidations appearing on both long and short sides, CryptoOnchain believes that XRP is likely to remain in a range-bound trading pattern for now.