XRP Whale Deposits Rise to Seven-Month High as Price Tests Key Support
Large XRP (BITSTAMP:XRPUSD) investors have increased coin transfers to Binance, pushing 30-day deposits to nearly 1.6 billion tokens. This level represents a seven-month peak and roughly four times the volume recorded in late July. The surge in exchange deposits coincides with downward price movement, as the digital asset has fallen roughly 20% since reaching a high near $1.66 in late September.
Rising transfers to centralized exchanges expand the supply of tokens available for immediate trading, which can increase downward pressure on market prices. On-chain metrics present a mixed signal: daily active accounts grew 10% and overall daily transactions remained near 2.4 million, but payment volume dropped 52% and total payment transactions fell 38%. The disparity suggests current network usage is dominated by trading activity rather than commercial transfers.
Market participants are monitoring key technical levels as XRP trades around $1.34 after dropping below its 100-day and 200-day moving averages near $1.38. Technical indicators show primary price support near $1.28, with a lower support zone between $1.00 and $1.05. A move back above $1.38 would be needed to restore upward momentum, while continued exchange inflows could keep pressure on price support levels.
Key points
- Monthly whale deposits of XRP to Binance reached nearly 1.6 billion tokens, marking a seven-month high.
- XRP has fallen approximately 20% from its late September peak near $1.66, dropping below key moving averages.
- Network payment volume decreased 52% even as active user accounts increased 10%.
- Immediate price support sits near $1.28, with potential major support between $1.00 and $1.05.
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How we writeDisclaimerQuestions and answers
Why are XRP whale deposits to Binance increasing?
Large holders transferred nearly 1.6 billion XRP to Binance over 30 days, a seven-month high. High exchange deposits mean more tokens are available for trading, which can increase potential selling pressure.
What are the key price support levels for XRP?
XRP faces immediate technical support near $1.28 after dropping below its 100-day and 200-day moving averages around $1.38. If price falls below $1.28, the next major support zone sits between $1.00 and $1.05.
How are XRP network transactions performing?
Daily active accounts rose 10% and overall transactions held steady near 2.4 million daily. However, total payments dropped 38% and payment volume fell 52%, indicating network activity is being driven by trading rather than payments.