The digital currency market is witnessing a surge in activity as XRP attracts significant investments, particularly on the Binance Exchange. Recent data from CryptoQuant reveals that large investors are increasing their XRP transfers to Binance, reaching a six-month peak during a recent price dip below $2.
How Much XRP is Moving to Binance?
In the past month, over 2.66 billion XRP tokens have been transferred to Binance by substantial investors, marking the highest level of activity since April 2024. This notable trend suggests that major XRP holders are actively participating in the exchange, reinforcing their commitment to the asset.
What Impact Does RLUSD Have on XRP?
The XRP price currently sits around $2.25, following a slight decline of 3.3% in the last day. This recovery comes after a dip to $1.912, indicating a positive trend. Additionally, Ripple Labs has received approval from the New York Department of Financial Services to issue the RLUSD stablecoin, which is expected to bolster XRP’s ecosystem and enhance market confidence.
- 2.66 billion XRP transferred to Binance in 30 days.
- Highest investor activity since April 2024.
- Approval of RLUSD stablecoin could enhance XRP’s market dynamics.
- Increased liquidity may stabilize XRP’s price.
The recent influx of XRP to Binance, coupled with the approval for the RLUSD stablecoin, marks significant milestones in the cryptocurrency landscape. These developments are likely to influence XRP’s liquidity and help stabilize its pricing, potentially leading to a more robust market presence.