While the digital currency ecosystem exhibits different market phenomena, XRP major investors stand out with their investments on the Binance Exchange. According to CryptoQuant data, the flow of XRP major investors to Binance has reached a 6-month high. This indicator was observed when the XRP price briefly dropped below $2.
XRP Investors Flow to Binance
According to CryptoQuant update, major investors moved more than 2.66 billion XRP to Binance in the last 30 days. Analyst JA Maartun noted that this is the highest level since April 2024. The trend on this chain shows that XRP large investors are active and interacting with Binance.
Analyst JA Maartun said, “2.66 billion XRP tokens have been moved to Binance in the last 30 days. “This is the highest investment made by major investors,” he said.
In the chart shared by CryptoQuant, there appear to be three distinct periods of major investor movements moving XRP to Binance since April 2022. The first period took place in November 2022, when major buyers moved 2.4 billion XRP to the trading platform. By April 2024, this figure increased to 2.8 billion XRP. The current 2.6 billion XRP highlights the continued interest in the coin.
According to JA Maartun’s analysis, this trend usually indicates a change in activity. This can be interpreted as sell signals since most major crypto trading platforms have strong liquidity. Ripple $2.4 With escrow intervention, XRP market liquidity is balanced, helping to support the price of the coin.
Strengthening the Coin with RLUSD Stablecoin
At the time of writing, the price of XRP is hovering around $2.25 and is down 3.3% in 24 hours. The recovery for this coin, which dropped to $1,912 in the same period, is considered a positive indicator.
The turnaround came after Ripple Labs received approval for the RLUSD stablecoin from the New York Department of Financial Services (NYDFS). The license from NYDFS enables the launch of the stablecoin on previously announced partner platforms.
Located within the broader XRP ecosystem, the RLUSD stablecoin could contribute to the ongoing revival of the coin’s price.
The approval of Ripple Labs’ RLUSD stablecoin could have positive effects on the market dynamics of XRP. This development could increase investor confidence and support the future performance of XRP.
Large investment flows of XRP to Binance and the approval of the RLUSD stablecoin are among the notable developments in the digital currency market. These factors can play an important role in the liquidity and price stability of the coin.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
