More than 31 million XRP were sent to Binance on February 23, largely from Whale wallets, according to on-chain data from CryptoQuant. At the same time, the Bitcoin price is stuck in a range and does not provide enough upward momentum for other altcoins. Therefore, this also hampers this coin’s price recovery.
As of today, the token traded at approximately $1.36, which represents a decline of 3.8% over the last 24 hours, according to CoinMarketCap. In addition, the coin’s spot Volume remains under the level it reached during the rally phase in 2025.
Source: CoinMarketCap
According to CryptoQuant contributor Darkfost’s report, a high percentage of transfers made to Binance were from whales (large wallet addresses). A high percentage of the transactions that flowed into Binance were greater than 100,000 XRP.
As shown in the chart in the tweet, the group with the most transactions was the over 1 million group, which contributed 14.4 million XRP. The next largest group, the 100K-1M group, sent 14.2 million of this token to the crypto exchange.
The sum from both groups totaled more than 28 million XRP. At current price levels, the deposits equate to roughly $45 million in potential sales. Large transfers to CEXs (centralized exchanges) have historically been associated with hedging or profit-taking
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Historically, a rise in whale deposits at Binance has often preceded heightened volatility in this token. This usually happens during periods when the overall market condition is poor.
Bitcoin trading in a range is also limiting the performance of this token and other altcoins. As long as there is no clear breakout in BTC, the market’s ability to absorb large XRP sell orders remains limited. This makes a short-term increase in sell pressure more likely.
TradingView chart data indicates that the Ripple-associated token has lost the 0.382 Fibonacci retracement level at $1.46 and shifted the short-term trend to bearish. The coin is currently trading above the $1.33 to $1.24 demand zone. If XRP moves into this demand zone, the asset would be in a significant Fibonacci support area.
Source: TradingView
If this token remains below $1.33, then the next major support level at $1.17 comes into focus. This was a strong accumulation area during a previous bear trend.
Conversely, if XRP recovers above $1.50, then the bearish case would be invalidated, and buying strength would be confirmed again. Spot volume is lower than it was during the earlier rally. Thus, the current price action is being driven mainly by liquidity movements and less by spot accumulation.
Large Binance inflows from whales increase the probability of short-term XRP sell pressure and make $1.33 the most important support to monitor in the current market structure.
Also Read | Is XRP Preparing Massive Rally After 835% Historic Surge and Deep Correction
