XRP is under renewed pressure due to a substantial influx of tokens to Binance, primarily from large holders. This surge in exchange inflows indicates an increased potential for sell-side activity, especially in a market lacking strong upward momentum.
On-chain analyst Darkfost highlighted the trend, noting that Bitcoin's range-bound trading is impacting altcoins. "BTC continues to range, offering limited directional clarity in the short term. This lack of momentum is weighing on the broader market, with altcoins continuing to underperform in the absence of a clear trend," Darkfost stated.
On February 21st, exchange inflows to Binance jumped to over 31 million XRP. This spike was predominantly from holders of 100,000 to 1 million XRP and those holding over 1 million XRP. Smaller holders contributed minimally.
This whale-led movement suggests concentrated supply is reaching a highly liquid trading venue. Darkfost estimates this represents nearly $45 million in potential sell-side pressure. If this pressure materializes, XRP could struggle to rebound from its current correction.
At press time, XRP was trading at $1.3947. The cryptocurrency has seen its price slide and modestly rebound in recent days, with the significant inflow occurring after a period of recovery.