XRP Whales Shifting Away from Binance, Data Suggests
Large transfers of XRP are increasingly dominating activity across centralized exchanges, though their presence on Binance has notably diminished. Data tracking the 7-day moving average of the XRP Whale vs. Retail Spread across all centralized exchanges shows a significant rise, climbing from 26% on May 6 to 50.9% by June 29 – an increase of 24.9 percentage points.
According to analytics firm CryptoQuant, this trend indicates that transactions involving more than 100,000 XRP now constitute a substantially larger portion of exchange outflows compared to smaller, retail-sized transactions, a shift from the dynamics observed in early May.
However, Binance presents a contrasting picture. CryptoQuant data reveals that the exchange’s Whale vs. Retail Spread decreased from 62% on June 11 to 44.6% on June 29, a drop of 17.4 percentage points. This places Binance’s current reading 6.3 percentage points below the broader centralized exchange average of 50.9%.
The Whale vs. Retail Spread metric quantifies the difference between XRP outflow volumes from transfers exceeding 100,000 XRP and those involving 100,000 XRP or less. Higher readings signify that whale-sized transactions represent a greater share of exchange outflows relative to retail transfers.
This divergence suggests that large XRP transfers are becoming less concentrated on Binance and are instead being distributed across a wider array of trading platforms.
XRP has faced considerable pressure throughout June, declining from over $1.30 at the month’s outset to approximately $1.05 at the time of reporting. Despite a brief mid-June recovery, the upward momentum proved unsustainable as sellers reasserted control, pushing prices lower once more. The cryptocurrency even saw its market capitalization fall behind that of BNB and USDC. With XRP currently testing the critical $1.06 support level, previously identified by analyst Ali Martinez, the asset now faces potential downside to lower support areas at $0.80, $0.62, and $0.51.
Concurrently, data from Glassnode indicates that XRP investors are currently realizing more losses than profits. Despite this prevailing weakness, some analysts maintain an optimistic outlook. EGRAG CRYPTO, for instance, projects that if XRP adheres to historical price patterns associated with its “Central Line,” the asset could potentially reach between $5.70 and $8, drawing parallels to gains observed in previous market cycles.
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