XRP Whale Outflows Reach 6-Month High as Derivatives Signal Growing Bearish Bets
Whales withdrew approximately 231 million XRP from Binance in a single day, marking the largest such outflow in six months. The withdrawals represented more than $335 million in XRP and came during a sharp recovery for the asset.
The timing of these withdrawals is notable, as it coincided with rising open interest on Binance's XRP derivatives market. This increase in open interest, combined with heavy selling pressure, suggests that new bearish positions are entering the market.
Despite spot flows appearing supportive, leveraged positioning is becoming more defensive. The conflicting signals leave XRP at an important point, and $1.40 remains a key level to watch. Holding above it would keep the recent recovery structure intact, while a decisive break below could strengthen the bearish case.
The next move may ultimately depend on which side wins this tug-of-war: long-term holders moving XRP into custody or leveraged traders betting that the rally has gone too far.