Binance’s XRP inflows surged last week, averaging 21,718,631 tokens per day, or 663% above the exchange’s quarterly baseline, according to CryptoQuant data. The increase may initially appear bearish, but the figures alone do not establish that whales were preparing to sell.
Instead, the data indicate that XRP exchange activity became heavily concentrated around several trading sessions, suggesting that market participants may have been repositioning in response to major regulatory and macroeconomic developments.
Major Events Coincided With XRP Inflow Spikes
The sharpest increases in XRP transfers occurred around September 16 and 17, shortly after two important market events.
On September 15, the U.S. Senate failed to advance the CLARITY Act in a 49-50 procedural vote. The outcome stalled legislation that seeks to establish clearer regulatory definitions for digital assets, including XRP.
The Federal Reserve followed with a 25-basis-point rate increase on September 16, lifting its target range to 3.75%-4.00%. It was the central bank’s first rate hike since 2023.
XRP fell toward $1.27 during the FOMC announcement before recovering to close at $1.410 on September 19.
The timing of the increased exchange activity is notable, but the data cannot determine whether the transfers were driven by selling plans. Large holders may instead have been moving XRP between wallets and exchanges while adjusting their exposure to the changing regulatory and interest-rate environment.
Weekly averages also hide the concentration of the activity. XRP inflows reached 91.2 million tokens on September 11, 44.5 million on September 16 and 41.7 million on September 17. Those three sessions represented the bulk of the recorded inflows.
No inflows were reported on September 12, 15, 18 or 19. There was also no price, open-interest, funding or transaction data available for September 20.
The latest surge follows a broader increase in whale transfers. Binance recorded approximately 1.6 billion XRP in whale inflows over the previous 30 days, the highest level since March. Large-wallet activity had declined from May through July before turning higher in August and continuing into September.
Binance Reserves Show Limited Change
Looking at inflows alone provides an incomplete picture. Monthly XRP inflows increased 457%, but outflows also climbed 167%.
Despite the significant increase in turnover, Binance’s XRP reserves finished the week at 2,630,628,140 tokens. That represented an increase of only 0.22% above the quarterly baseline and 0.34% from the previous week.
Daily outflows averaged 11,565,238 XRP, approximately half the average inflow rate.
The relatively small change in reserves despite the sharp increase in both directions suggests that much of the activity involved transfers and repositioning rather than a straightforward accumulation of XRP on the exchange for an imminent sell-off.
Derivatives Data Point to Higher Volatility
The number of active deposit addresses also increased, averaging 788 per day, 129% above the quarterly baseline. That suggests the higher exchange activity involved more wallets rather than being driven entirely by repeated transactions from one large holder.
Network metrics were less active. XRP’s NVT ratio declined 32.1%, while transaction count fell 16.4%, showing that on-chain activity did not increase alongside the exchange churn.
Meanwhile, derivatives positioning became more leveraged. Open interest reached 477.1 million XRP, 9.4% above the quarterly level. The estimated leverage ratio rose to 0.181, marking a 9.1% increase from the quarterly figure.
Funding rose to 0.004 after doubling week over week, increasing the expense associated with maintaining long positions.
Liquidations affected both sides of the market. Short liquidations averaged 2.34 million XRP per day, a 199% weekly increase, while long liquidations averaged 2.93 million XRP per day.
The figures suggest that the surge in volatility pressured both bullish and bearish traders rather than producing a clean directional move.
Overall, the latest XRP data show a sharp increase in exchange turnover but little movement in Binance’s underlying reserves. With inflows and outflows both elevated, the activity appears consistent with market repositioning around regulatory and monetary-policy events.
The data increase the possibility of short-term volatility but do not by themselves establish whether large XRP holders are selling, protecting positions or simply adjusting their exposure.
