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Cryptocurrency analytics company CryptoQuant has analyzed the notable large exchange exits in the $XRP market.
According to the company, while the $XRP price is facing renewed selling pressure near the $1.14 level, large investor activity is signaling the opposite.
According to the “Multiple exchanges with daily outflows exceeding 1 million” chart shared by CryptoQuant, there has been a significant increase in large outflow transactions exceeding 1 million $XRP from Binance since the beginning of June.
According to the data, between June 3rd and June 11th, a large daily outflow of approximately 465 million $XRP was recorded from Binance alone. CryptoQuant stated that the size and repetitive nature of these transactions indicate that whale-scale movements are once again becoming a significant factor in $XRP’s market structure.
The analytics company noted that this movement wasn’t just a sudden one-day surge. Data shows repeated large $XRP withdrawals over several days, suggesting that activity on Binance should be closely monitored.
CryptoQuant added that large exchange exits do not necessarily mean accumulation is taking place. However, it was stated that such exits could reduce the amount of $XRP available for instant trading on exchange order books. This situation could create a striking contrast, especially during periods of price weakness, between short-term selling pressure and large investors moving their assets away from exchanges.
*This is not investment advice.
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