XRP’s recent pullback may have more to do with leverage flushes and broader market weakness than a coordinated exit by large holders, according to CryptoQuant contributor Pelin Ay. The analyst pointed to declining XRP inflows into Binance, particularly among million-token transfers, as evidence that whale selling pressure has not intensified during the drawdown.
Ay shared a CryptoQuant chart tracking XRP Ledger exchange inflows to Binance by value band, alongside XRP’s price in dollar terms. The dataset separates inflows into bands ranging from less than 1,000 XRP to more than 1 million XRP, allowing analysts to distinguish between smaller exchange deposits and transfers more likely associated with whales or institutional-scale wallets.
XRP Whale Selling Pressure Eases As Binance Inflows Drop
Ay argued that the current structure does not resemble prior periods of aggressive distribution. “In the past, before major drops, there were usually sudden high spikes in the 100K–1M XRP and 1M+ XRP groups. Currently, at the end of the chart, there is no such extraordinary inflow surge. Therefore, on-chain data currently reduces the likelihood of aggressive whale selling and mass profit-taking.”
That distinction is central to her thesis. If XRP were undergoing a classic whale-led sell-off, the chart would be expected to show a sharp increase in large deposits to Binance, especially from the 100,000-to-1-million XRP and 1-million-plus XRP bands. Instead, Ay says the opposite is visible: inflows have cooled while price has weakened.
“The chart suggests that the decline is largely due to leverage liquidations and overall market weakness,” she added. “Because in normal hard bear markets, much higher XRP inflows to exchanges are typically seen.”
Ay also linked the post-peak reduction in inflows to weakening spot supply pressure. “If Binance inflows continue to remain low, selling supply will decrease,” she wrote. “With an increase in demand, it becomes easier for XRP to move back to the $1.8-2.0 region. Especially if sharp rises do not resume in the 1M+ XRP columns, this structure can be maintained.”
The condition matters. Her argument depends on large Binance inflows remaining muted, particularly in the 1-million-plus XRP band. A renewed spike in those columns would weaken the analysis, as it would suggest that large wallets are once again moving meaningful supply toward the exchange.
At press time, XRP traded at $1.1444.
