On-chain data shows liquidations drive XRP drop, not whale dumping
Binance XRP inflows from 1M+ band fall; CryptoQuant points to leverage, not whales
XRP fell, but CryptoQuant’s Pelin Ay sees no whale-dump signal. Large Binance inflows cooled after the 2025 peak.
Ay tracked Binance inflows by size bands. She says whales dominated earlier cycles. “Transfers exceeding 1 million XRP are dominant in certain periods,” she wrote, noting major players actively used Binance in 2021–2025 according to her analysis.
After XRP neared the $3 area in 2025, the largest inflow bands trended down. That suggests big wallets are not sending supply to Binance at prior intensity per the inflow chart context.
Historically, sharp drops came with spikes in 100K–1M and 1M+ bands. Ay says those surges are absent now, lowering the odds of aggressive whale distribution and mass profit-taking versus classic whale-led selloffs.
“The decline looks driven by leverage liquidations and broad market weakness,” she adds. In hard bear phases, exchange inflows usually run higher than current readings.
Implication for spot supply: muted Binance inflows ease sell pressure. If demand picks up, Ay sees room for a move back toward $1.8–2.0, so long as 1M+ inflows don’t spike again per her view.
Risk flag: a renewed jump in 1M+ deposits would undercut this thesis and signal whales moving supply to the exchange on-chain.
At press time, XRP traded at $1.1444.