XRP whale activity on Binance has fallen sharply, with both inflows and outflows declining, according to CryptoQuant analyst PelinayPA.
The trend suggests large investors are staying on the sidelines instead of actively accumulating or selling the token. The analyst said transaction counts across major value bands have dropped significantly, pointing to weaker buying interest amid lower selling pressure.
XRP Whale Activity Drops Across the Board
According to the analysis, large XRP withdrawals from Binance have declined considerably from 2024 and 2025 levels. The slowdown is most noticeable in transfers between 100,000 and 1 million XRP, as well as transactions above 1 million XRP.
Large exchange outflows are often seen as a sign that investors are moving assets into private wallets for long-term holding. However, PelinayPA said the current decline is not a bullish accumulation signal. That’s because whale outflows themselves have become unusually rare.
The same pattern is visible on the inflow side. Large XRP deposits to Binance have also dropped sharply, suggesting whales are not moving tokens to exchanges to sell. As a result, near-term selling pressure appears much lower than in previous market cycles.
Market Stuck in a Waiting Phase
With both exchange inflows and outflows declining, PelinayPA said there is little evidence of either aggressive accumulation or large-scale distribution.
Instead, the analyst described the market as being in a “waiting phase”. Lower liquidity and weaker trading activity are making it harder for XRP to establish a clear trend in either direction.
One of the clearest signs is the sharp decline in transactions exceeding 1 million XRP. Both inflows and outflows in this category have fallen, suggesting major holders are largely inactive.
Retail Traders Drive Most Activity
Despite weaker whale participation, transactions between 1,000 and 10,000 XRP still account for most network activity. This suggests retail traders remain the market’s main participants.
However, PelinayPA noted that previous XRP bull markets were driven largely by high-volume whale activity rather than retail flows. Until institutions or large holders return with fresh capital, the analyst expects XRP to remain in a relatively quiet, range-bound market.
XRP Open Interest on Binance Falls to Lowest Since 2024.
Meanwhile, XRP futures open interest on Binance has dropped to its lowest level since 2024, falling to about $370 million, according to CryptoQuant analyst Arab Chain. The decline appears specific to XRP, as Binance’s broader derivatives market remains active.
The drop suggests traders are closing leveraged XRP positions amid uncertainty following the U.S. Federal Reserve’s latest policy decision. While lower open interest doesn’t signal a bullish or bearish trend, it reflects a more cautious market, reducing liquidation risk but also indicating weaker confidence.
Arab Chain noted that a rebound in both XRP’s price and open interest would suggest fresh capital is returning, while continued declines would signal ongoing trader caution.