- XRP records its highest Binance Netflow spike in 18 months.
- Retail investors dominate activity with small, frequent XRP deposits.
- Binance strengthens its position as a key XRP trading hub.
Ripple’s XRP has recorded an impressive surge in deposit activity on Binance, the world’s leading cryptocurrency exchange. Data from CryptoQuant shows a sharp spike in Binance’s Netflow Transaction Count (TxCount) for XRP, reaching an 18-month high. This dramatic increase in inflows highlights growing retail investor interest.
The TxCount, which measures the net difference between deposit and withdrawal transactions, has seen an increase of 470 in its 30-Day Moving Average (30 DMA). This indicates that the influx of XRP deposits to Binance has significantly out-weighed withdrawals.
Retail Investors Drive XRP’s Resurgence
Interestingly, retail investors, rather than institutional players, appear to be driving this surge. Unlike whales, who typically execute fewer but significantly larger transactions, retail participants engage in small but more frequent deposits. Recent legal wins and the cryptocurrency’s utility in cross-border payments are likely contributing factors.
Read also: XRP Price Forecast: $1.5, New ATH? Ripple Settlement Under $125M Eyed
Moreover, Binance continues to play a pivotal role, acting as a hub for XRP trading and being the go-to platform for retail traders. The spike in deposits suggests that traders are more bullish on XRP and see it as a promising speculative or long-term asset, especially after a period of market inactivity. This shift also translates to broader market confidence in Ripple’s future and the potential for XRP to capitalize on its utility as a bridge currency for global transactions.
With retail investors driving investor activity, the stage is set for XRP to make a significant impact in the broader crypto market. As the deposit trend continues to climb, Binance’s dominance as an XRP trading hub highlights its importance in the ecosystem, setting the tone for XRP’s next big move.
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