XRP Sees 663% Surge in Binance Inflows Amid Whale Accumulation

XRP has seen a remarkable surge in inflows to Binance, with average daily deposits reaching 21.7 million tokens, marking a 663% increase compared to the quarterly baseline. This spike in exchange activity aligns with a price rally, as XRP climbed toward $1.50 after previously dipping to around $1.27 earlier this month.

The inflow surge was particularly concentrated over three days: 91.2 million tokens were recorded on September 11, followed by 44.5 million on September 16, and 41.7 million on September 17. These dates coincided with the failed vote on the CLARITY Act and the Federal Reserve's first rate hike of 2023.

Despite these large inflows, Binance's XRP reserves only increased by 0.22%, indicating that most of the tokens were not sold immediately. Instead, daily outflows averaged 11.6 million tokens, suggesting a high turnover rather than a one-sided selling pressure. Additionally, whale wallets significantly increased their holdings, accumulating approximately 1.54 billion tokens worth around $2.2 billion within a short 96-hour window.

Technical analysis shows that XRP recently formed a bullish setup, rebounding sharply from a key support level. Analysts are closely watching the $1.50 mark as a critical resistance level, with potential targets set near $1.80 if this level is convincingly surpassed. However, a rejection at this point could lead to a pullback toward the $1.38 support zone.

Market participants are advised to monitor trading volumes, funding rates, and net exchange flows as XRP navigates its current price range of $1.40 to $1.55.