XRP Supply Drying Up on Binance Amidst Recent Rally
XRP's supply on Binance is decreasing despite recent whale inflows, suggesting that holders are moving their tokens away from exchanges.
According to data from CryptoQuant, XRP inflows to Binance have fallen by 20.37%, while outflows have declined by 25.96%. This has resulted in a net negative flow of approximately 102,912 XRP on the exchange.
The decline in exchange reserves is significant because it indicates that some holders are reducing their supply available for trading and selling. While this may seem counterintuitive during a price rally, the data suggests that the current correction may not be driven by increased selling pressure.
However, it's worth noting that whale inflows to Binance have reached an all-time high of 1.6 billion XRP over the past 30 days. While this may indicate increased turnover and repositioning, it does not yet confirm a wave of selling.