Binance Sees 6-Month High in XRP Whale Inflows With 1.6 Billion Tokens Shifted

utoday09-18 13:35

Onchain data indicates a notable rise in XRP "whale" inflows to Binance, now reaching a six-month high as of date according to CryptoQuant.In an X post, CryptoQuant noted that cumulative inflows over ...

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The rise in whale inflows to Binance implies that more XRP is being transferred into a more liquid environment, which might lead to a potential increase in the available market supply in the short term.However, the movement of XRP to Binance does not necessarily mean these wallets are preparing to sell. The transfers could be for trading, liquidity management, or the reallocation of holdings between wallets and exchanges.XRP is trading at $1.32 at the time of writing and is up 0.82% in the last 24 hours, with analysts pointing to a potential head and shoulders pattern that could trigger a major move.Crypto analyst Ali says that XRP seems to be forming the right shoulder of an inverse head-and-shoulders pattern on the daily chart. If the setup continues to develop, a move toward the neckline near $1.55 might be on the cards. A confirmed breakout above $1.55 could confirm the pattern and trigger a 35% rally toward $2, potentially even higher.XRPL software gets new releaseXRPL developers have announced a new release for the reference server implementation of the XRP Ledger protocol: version 3.4.0 of xrpld.This release introduces two new amendments, retires an amendment, and adds various bug fixes and build improvements. 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