Binance XRP Whales Expand Their Influence Amid Outflow Gap Nears August Levels

XRP Whale Activity on Binance

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.

Institutional Demand Paused?

Institutional demand is looking 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.