The XRP pullback since last year may not be the result of heavy whale selling.
CryptoQuant contributor PelinayPA shared this view in a recent on-chain analysis. The analyst argued that declining XRP inflows to Binance suggest that large holders are becoming less willing to move tokens to exchanges. This could reduce selling pressure and support market stability.
Whale Activity on Binance Has Slowed
According to the analysis, transfers of more than 1 million XRP have historically accounted for a large share of XRP inflows to Binance. Between 2021 and 2025, these large transactions remained consistently high. This trend indicated active participation by whales and institutional investors.
However, the pattern has changed. After peaking in 2025, transfers of more than 1 million XRP to Binance began to decline. This drop has continued as XRP price retreated from highs above $3. Notably, the price has since fallen to $1.01 as of June.
The analyst noted that large exchange inflows typically imply selling activity. Investors usually move assets to trading platforms when preparing to sell.
No Evidence of Heavy Whale Selling
PelinayPA pointed out that previous major XRP downturns were preceded by sharp increases in exchange inflows. These spikes were especially visible in the 100,000–1 million XRP and 1 million+ XRP transfer categories.
So far, no similar surge has appeared in the current data. This suggests that whales are not engaging in widespread profit-taking despite XRP’s recent decline.
The analyst added that lower exchange inflows since the XRP ETF approval indicate growing confidence among large holders. In other words, fewer whales appear willing to liquidate their positions.
Recent Weakness May Have Other Causes
Rather than whale selling, the recent XRP correction may be due to leverage liquidations and broader weakness across the crypto market. Historically, severe bear markets are accompanied by large spikes in exchange inflows as investors rush to exit positions.
Current on-chain data does not show this type of behavior. As a result, the analyst believes XRP’s market structure remains relatively healthy.
Lower Exchange Supply Could Support Recovery
If Binance inflows remain low, the amount of XRP available for sale on exchanges could continue to shrink. Combined with stronger demand, reduced exchange supply creates more favorable conditions for a price recovery.
According to the analysis, keeping 1 million+ XRP inflows at subdued levels would help preserve the current market structure. It could also improve XRP’s chances of revisiting the $1.80–$2.00 range in the future.
At press time, XRP is trading at $1.10, down 4.4% over the past day and 15% over the past week.
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