Analyst: Binance Sees 418.5 Million XRP Outflow in a Single Day, Largest Single-Day Record in 9 Months
Odaily Report: Crypto analyst Darkfost posted that on November 4, a total of 418.5 million XRP flowed out of Binance, worth approximately $540 million at the price at the time, surpassing the 315 million on October 29 (the day Binance's $6.3 billion hack incident occurred), setting the largest single-day outflow record in nearly 9 months.
This large outflow occurred as XRP rebounded above $1.30 after a 27% pullback from its late-September high. Darkfost noted that a large amount of XRP leaving exchanges is typically seen as a signal of investors accumulating positions, and it also reduces the supply of tokens immediately available for sale on the market. However, this does not necessarily mean prices will rise—some of the outflow may also stem from internal fund reallocations within the exchange, and it remains to be seen whether this trend can sustain.
418.5M XRP left Binance in a single day, the largest exchange outflow in 9 months, cutting XRP's readily sellable supply and signaling accumulation/reduced sell pressure. Because some may be internal rebalancing and one-day data is not a trend, conviction is limited; XRP is short-term bullish (weak).