PiCK
XRP Deposits, Withdrawals on Binance Hit Six-Month High, With Rangebound Trading Seen Ahead
Summary
- XRP deposits and withdrawals on Binance simultaneously reached their highest levels in six months.
- Despite the surge in flows, changes in exchange holdings and derivatives open interest (OI) were limited.
- CryptoOnchain said XRP may remain rangebound for some time, citing exchange holdings, funding rates and two-way liquidations.
Forecast Trend Report by Period
XRP deposits and withdrawals on Binance both rose to their highest levels in six months. But with little change in the exchange’s holdings, the token may continue to trade in a range in the near term rather than break into a clear trend.
According to CryptoQuant QuickTake on Sept. 13, on-chain analyst CryptoOnchain wrote that 91,230,719 XRP flowed into Binance on Sept. 11, while 113,912,236 XRP was withdrawn. Those were the largest inflow and outflow totals in six months, respectively.
Withdrawals exceeded deposits by about 22.7 million XRP that day, but Binance’s XRP holdings increased just 0.43% on a weekly basis. Average holdings over the past seven days were 2.6263 billion XRP, 0.18% below the quarterly average.
CryptoOnchain interpreted the simultaneous surge in deposits and withdrawals as a sign of more active fund movements rather than net accumulation or heavy selling. The analyst also cited the possibility of internal wallet transfers or asset rebalancing by market makers, while adding that those remain unconfirmed hypotheses.
Changes in the derivatives market were also limited. XRP open interest averaged $476.7 million, up just 0.23% from a week earlier.
With exchange holdings nearly unchanged, funding rates slowing and liquidations appearing on both sides of the market, CryptoOnchain said XRP is more likely to remain rangebound for now than to establish a clear trend immediately.
