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Large XRP transfers are becoming more prominent across centralized exchanges overall, while their activity on Binance has declined. Data from the 7-day moving average of the XRP Whale vs Retail Spread across all centralized exchanges rose from 26% on May 6 to 50.9% on June 29. This is an increase of 24.9 percentage points.<\/p>\n
According to CryptoQuant, the latest trend indicates that transfers involving more than 100,000 XRP are making up a much larger share of exchange outflows compared to smaller retail-sized transactions than they did in early May.<\/p>\n
The same cannot be said for Binance. CryptoQuant found that the exchange\u2019s Whale vs Retail Spread dropped from 62% on June 11 to 44.6% on June 29, a decline of 17.4 percentage points. As a result, Binance\u2019s reading now stands 6.3 percentage points below the broader centralized exchange average of 50.9%.<\/p>\n
The Whale vs Retail Spread measures the difference between XRP outflow volumes generated by transfers above 100,000 XRP and those involving 100,000 XRP or less. Higher readings indicate that whale-sized transactions account for a larger share of exchange outflows than retail transfers.<\/p>\n
The analysis revealed<\/a> that the growing gap between Binance and the wider exchange market essentially suggests that large XRP transfers are becoming less concentrated on Binance and increasingly distributed across other trading platforms.<\/p>\n XRP spent most of June under pressure after falling from above $1.30 at the start of the month to around $1.05 at the time of writing. Although the crypto asset saw a brief rebound in mid-June, the recovery quickly faded as sellers regained control and pushed prices lower again.<\/p>\n It even slipped<\/a> behind BNB and USDC in market capitalization. With XRP currently testing the crucial $1.06 support previously identified by Ali Martinez, the asset is now exposed to lower support areas at $0.80, $0.62, and $0.51.<\/p>\n Meanwhile, Glassnode reported that XRP investors are realizing more losses than profits. Despite the weakness, some analysts remain optimistic. EGRAG CRYPTO, for one, believes<\/a> that if XRP follows historical price patterns linked to its \u201cCentral Line,\u201d the asset could eventually reach between $5.70 and $8, based on gains seen during previous market cycles.<\/p>\n The post XRP Whales Are Moving On, and Binance Is No Longer Their Top Choice<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\nPrice Struggles<\/h2>\n
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