XRP is testing the $1 level as a wallet associated with Ripple moved 50 million tokens toward Binance, while network activity increases and derivatives traders remain heavily positioned for gains.
A Ripple-linked wallet transferred 50 million XRP, worth more than $50 million at the time, to an internal subwallet on Aug. 13. The transfer occurred as XRP settled near $1.00, marking its lowest daily close since November 2024. At the same time, aggregate derivatives open interest approached $986.48 million.
Blockchain records showed that the Ripple (50) wallet initially sent the tokens to raRVLN1, an internal address. The transfer attracted attention because XRP was hovering around an important support level while derivatives data pointed to a strong concentration of long positions.
Ripple-Linked Wallet Routes XRP Toward Binance
The raRVLN1 wallet subsequently distributed the tokens, mainly through 1 million XRP batches, to the rBNCyN address, which XRPScan identifies as being associated with Binance. Ripple-linked wallets transferred a combined 23 million XRP to rBNCyN during the week before the tokens were sent onward to Binance.
The transactions could be related to operational liquidity management, on-demand liquidity or market-making activity. However, the blockchain trail only shows how the funds moved between connected addresses and does not independently confirm the purpose behind each transaction.
Activity on the XRP Ledger has also increased. Daily active addresses averaged approximately 35,700 in August, compared with around 26,400 in July. Meanwhile, the number of new addresses remained broadly stable at about 2,260 per day. This suggests existing XRP users have become more active rather than the network experiencing a major influx of new participants.
XRP remained within a descending price structure, with $1.022 emerging as the first major resistance level. A breakout above that threshold could send the token toward $1.05-$1.07, while a sustained drop below $1 could expose XRP to additional losses.
Derivatives positioning remained strongly bullish, with the long/short ratio at 3.095 and the funding rate positive at 0.0087. Such crowded long exposure could increase liquidation risks if XRP loses its key support.
XRP Price Levels and Derivatives Positioning
The $1.00-$1.015 zone remains an important area for XRP. As long as the token holds this range, prices could continue consolidating. A decisive breakdown, however, could increase the likelihood of a deeper correction.
On the upside, reclaiming $1.022 would provide an early indication of a recovery and potentially shift attention toward the $1.05-$1.07 resistance region.
With open interest approaching $986.48 million and long positions heavily concentrated, XRP’s reaction around the $1 support zone could have an outsized impact on the market.
Taken together, wallet transfers, rising network activity and elevated long positioning indicate that XRP is approaching an important technical juncture around $1 as funds continue moving through Ripple-linked wallets and toward Binance.
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