As the digital currency ecosystem experiences various market phenomena, XRP has attracted attention due to substantial investments from major investors into Binance Exchange. According to data from CryptoQuant, the influx of XRP from large investors to Binance has reached a six-month high. This trend was observed during a brief decline of XRP below $2.
Flow of XRP Investments to Binance
The latest update from CryptoQuant reveals that major investors have transferred over 2.66 billion XRP to Binance in the last 30 days. Analyst J.A. Maartun noted that this is the highest level since April 2024. The blockchain data indicates that large XRP investors are actively involved with Binance.
The graph shared by CryptoQuant displays three distinct periods of significant XRP transfers to Binance by major investors since April 2022. The first period occurred in November 2022, when major buyers moved 2.4 billion XRP to the trading platform. By April 2024, this figure had increased to 2.8 billion XRP, highlighting ongoing interest in the coin.
Strengthening the Coin with RLUSD Stablecoin
At the time of writing, XRP is trading at approximately $2.25, experiencing a 3.3% drop in the past 24 hours. The coin’s recovery after reaching $1.912 is seen as a positive indicator.
This rebound followed the approval of the RLUSD stablecoin by Ripple Labs from the New York Department of Financial Services (NYDFS). The license from NYDFS allows the stablecoin to be launched on previously announced partner platforms.
The RLUSD stablecoin, which is part of the broader XRP ecosystem, may contribute to the ongoing revival of the coin’s price. Ripple Labs’ approval of the RLUSD stablecoin could have a positive impact on XRP’s market dynamics, potentially boosting investor confidence and supporting its future performance.
The increased investment flow to Binance and the approval of the RLUSD stablecoin represent significant developments in the digital currency market. These factors may play a crucial role in the liquidity and price stability of XRP.
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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
