XRP is hovering around the crucial $1 level as a Ripple-associated wallet transferred 50 million tokens toward Binance, while network activity picks up and derivatives traders maintain a strong bullish bias.
A wallet linked to Ripple moved 50 million XRP, worth over $50 million at the time of the transaction, to an internal subwallet on Aug. 13. The transfer took place as XRP closed near $1, marking its lowest daily close since November 2024. Meanwhile, total derivatives open interest rose toward $986.48 million.
Transaction records show the Ripple (50) wallet initially sent the tokens to raRVLN1, another wallet under its control. The transfer attracted attention because it coincided with XRP testing a major support level and derivatives traders holding a large number of long positions.
Ripple-Linked XRP Transfers Reach Binance
The raRVLN1 wallet later distributed the XRP, mostly through transfers of 1 million tokens each, to the rBNCyN address, which XRPScan associates with Binance. Ripple-linked wallets sent a total of 23 million XRP to the rBNCyN wallet during the week before the funds were transferred to Binance.
The transactions may be part of routine liquidity operations, including on-demand liquidity or market-making activity. However, blockchain records alone cannot confirm the specific reason for each transfer.
Meanwhile, activity across the XRP Ledger has increased. The network averaged roughly 35,700 active addresses per day in August, up from about 26,400 in July. New address creation, however, remained relatively stable at around 2,260 daily. This suggests that existing participants are becoming more active rather than the network experiencing a significant increase in new users.
From a technical perspective, XRP remains within a downward trend structure. The $1.022 level represents the first major resistance, and a breakout above it could send XRP toward the $1.05-$1.07 region. Conversely, a firm break below $1 could expose the token to further losses.
Derivatives data shows a strong bullish tilt. The long-to-short ratio stood at 3.095, while the funding rate remained positive at 0.0087. The concentration of long positions could increase liquidation pressure if XRP breaks below support.
XRP’s $1 Level Becomes Critical
The $1.00-$1.015 range continues to serve as a key support area. Holding above this zone could keep XRP in its current consolidation pattern, while a breakdown could trigger a deeper decline.
A recovery above $1.022 would provide the first significant bullish signal and potentially shift attention toward $1.05-$1.07.
With open interest approaching $986.48 million and long positioning heavily skewed toward buyers, XRP’s response around the $1 support could determine its next major move.
Overall, increased wallet activity, stronger XRP Ledger usage and heavily bullish derivatives positioning have put the token at a critical point near $1, while transfers through Ripple-linked wallets continue to send XRP toward Binance.
