XRP News: Exchange Churn Jumps as Binance Reserves Stay Nearly Flat

Binance saw average daily XRP inflows of 21,718,631 tokens last week, representing a 663% increase over the exchange’s quarterly baseline, according to CryptoQuant data. While the jump appears significant on its own, the key question is whether large holders were preparing to sell or simply adjusting their positions around two major market catalysts.

The data do not establish a clear selling intention. Instead, they point to a sharp rise in overall exchange activity that was concentrated in a few trading sessions rather than sustained throughout the week. That distinction is important when assessing whale activity based on exchange-flow data.

XRP Flows Rose Around the CLARITY Vote and Fed Decision

The largest inflow spikes occurred around two major regulatory and macroeconomic developments on September 16 and 17.

On September 15, the U.S. Senate failed to advance the CLARITY Act following a 49-50 procedural vote. The result left efforts to establish formal regulatory definitions for digital assets, including XRP, stalled but not permanently abandoned.

A day later, the Federal Reserve increased its target interest rate by 25 basis points to 3.75%-4.00%, marking its first rate hike since 2023. XRP dropped toward $1.27 during the FOMC announcement before recovering and closing at $1.410 on September 19.

The timing of the exchange-flow surge is notable, although it does not prove that either event directly caused the transfers. Traders and large holders could have shifted XRP between wallets and exchanges to rebalance exposure around the rate decision instead of preparing to sell.

The weekly average also masks how concentrated the activity was. XRP inflows totaled 91.2 million tokens on September 11, followed by 44.5 million on September 16 and 41.7 million on September 17. Those three sessions accounted for most of the week’s inflow activity.

By comparison, no inflows were recorded on September 12, 15, 18, or 19. September 20 also had no available data for price, open interest, funding or transactions.

The pattern is consistent with an earlier increase in whale activity. During the previous 30 days, whale inflows to Binance reached about 1.6 billion XRP, the highest level since March. Large-wallet transfers had declined from May through July before reversing higher in August and continuing to increase in September.

Binance XRP Reserves Barely Changed

Exchange deposits provide only part of the picture. Monthly XRP inflows increased 457%, while outflows rose 167% over the same period.

Despite the substantial increase in activity, Binance ended the week holding 2,630,628,140 XRP. That was only 0.22% above the quarterly baseline and 0.34% higher than the previous week.

Average daily outflows stood at 11,565,238 XRP, roughly half the average inflow rate but still significant.

When both inflows and outflows increase while the exchange’s net reserves remain largely unchanged, the data can point toward increased turnover and repositioning rather than a coordinated distribution event.

Leverage and Network Activity Raise Volatility Concerns

The number of deposit addresses also increased. Binance averaged 788 XRP deposit addresses per day, 129% above the quarterly baseline, suggesting that activity involved a broader group of wallets rather than a single large holder repeatedly transferring tokens.

On-chain activity, however, did not increase at the same pace. XRP’s NVT ratio declined 32.1%, while transaction volume fell 16.4%, indicating that network activity lagged behind the rise in exchange-level turnover.

Derivatives markets showed a more aggressive positioning backdrop. Open interest climbed to 477.1 million XRP, 9.4% above its quarterly level, while the estimated leverage ratio increased to 0.181, representing a 9.1% quarterly rise.

Funding reached 0.004 after doubling from the previous week, increasing the cost of maintaining long positions.

Liquidations occurred on both sides of the market. Short liquidations averaged 2.34 million XRP per day, up 199% week over week, while long liquidations averaged 2.93 million XRP per day.

The figures indicate that neither bullish nor bearish positioning moved through the volatility period without significant pressure.

Overall, XRP’s market activity points more toward a broad repositioning of capital amid regulatory and macroeconomic uncertainty than a definitive distribution phase. Exchange inflows surged, but outflows also climbed substantially, leaving Binance’s XRP reserves almost unchanged.

The data therefore highlight elevated short-term volatility risk without clearly establishing whether whale activity is bearish, defensive or simply tactical.

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