XRP Whales Are Making a Bigger Mark on Binance as Outflow Gap Nears August Levels

XRP whale activity on Binance is picking up pace, at least compared with the rest of the exchange market.

CryptoQuant’s latest data revealed a sharp jump in the gap between whale and retail outflows over the past six days.

Whale Activity

From October 7 to 13, Binance’s seven-day average Whale vs Retail Spread rose from 53% to 63.5%. This is a 10.5-point jump. Across all centralized exchanges, the same reading increased from 46% to 47.7%, a much smaller 1.7-point rise. Binance’s increase was roughly 6.2 times larger. The spread tracks the relative difference between large and small XRP exchange outflows. A higher reading indicates that larger transfers are playing a bigger role.

However, it does not confirm that whales are accumulating XRP or withdrawing more coins in absolute terms.

The gap between Binance and the broader market now stands at 15.8 points. That puts it close to the 18-point difference seen on August 3. Back then, the crypto asset traded near $1.07 before climbing about 46% to $1.56. XRP is currently hovering around $1.38.

CryptoPotato had previously reported that spot volume across centralized exchanges fell by $1.943 billion between August 26 and October 11. On Binance, the spot-to-futures ratio slid from 31% to 12.7%, meaning futures activity now dwarfs spot trading. CryptoQuant explained that some traders could be waiting for a cheaper entry.

XRP sentiment, meanwhile, has slipped into negative territory as bullish comments trailed bearish ones at a ratio of 0.92 across social platforms. This growing pessimism could leave room for a rebound if market conditions improve and buying interest returns.

Despite the short-term struggle, a German analyst believes XRP could still hit a new all-time high before the year ends. He flagged that the crypto asset has tested a key resistance zone seven times but failed to break above it convincingly. That rejection sent XRP briefly back toward $1.29. The next major hurdle now stands at the $2.15-$2.20 range.

Institutional Demand Paused?

The institutional side of things looks less encouraging. Data compiled by SoSoValue revealed that US-listed spot XRP ETFs have recorded zero net flows for three consecutive days. October has seen just three days of inflows and one day of outflows so far, with total inflows sitting a little above $12 million.

While the monthly figure remains positive, the recent lack of fresh money shows that institutional interest has been fairly muted.