XRP news today: XRP Whales Drive Market with Billion-Token Binance Deposits

XRP whales have been depositing significant amounts of tokens on Binance, ranging from 0.2 billion to 6.9 billion tokens per day. This trend has positioned Binance as the leading exchange for XRP deposits. The heightened activity of these large traders is not just a bet on the market but a consistent pattern that is moving the market.

Analysts have suggested that the growing optimism surrounding XRP ETFs is fueling this trend. Even though full approval for an XRP ETF may be months away, the progress in this direction is having downstream impacts on the XRP market. The crypto community's optimism about an XRP ETF has been driving bullish behavior, with new data indicating that XRP whale activity on Binance serves as a useful barometer for market dynamics.

According to analysis from CryptoQuant, Binance is currently the largest recipient of heightened XRP whale activity. These traders are not only betting on the market but are also moving it in a consistent pattern. For instance, the price of XRP bottomed out between April 7-9 as inflows of XRP spiked from 1.2 to 6.9 billion. Similarly, the price of XRP found a local top early in March as whale deposits increased from 0.7 to 2.9 billion XRP.

In early March, XRP whales reached unprecedented activity, possibly indicating an upcoming distribution phase. Earlier this month, data showed that these high-volume traders purchased more than 900 million XRP tokens in April. This heightened activity can have a deleterious effect on the price of XRP, but that may not matter in the long run. These traders can actually move the XRP market, and that knowledge is part of their calculations.

Even though the XRP ETF recently saw some setbacks, the bigger picture still looks optimistic. Even if the ETF does receive approval, there are still concerns that it might have limited market appeal. After all, Bitcoin ETFs currently occupy around 90% of that market sector. Nonetheless, these whales show a significant level of optimistic sentiment for XRP’s future.