XRP’s Recent Surge in Investments on Binance
As the digital currency ecosystem experiences various market phenomena, XRP has stood out due to significant investments from major investors into Binance Exchange. According to data from CryptoQuant, the influx of XRP from large investors to Binance has reached a six-month high. This surge was observed during a brief dip in XRP’s price below $2.
Flow of XRP Investments to Binance
The latest update from CryptoQuant reveals that in the past 30 days, over 2.66 billion XRP has been transferred to Binance by major investors. Analyst J.A. Maartun noted that this is the highest level since April 2024. The blockchain data indicates that large XRP investors are actively engaging with Binance.
The graph shared by CryptoQuant shows three distinct periods of significant XRP transfers to Binance by large investors since April 2022. The first period occurred in November 2022, when major buyers moved 2.4 billion XRP to the trading platform. By April 2024, this figure increased to 2.8 billion XRP, highlighting the ongoing interest in the coin.
Strengthening the Coin with RLUSD Stablecoin
Currently trading at around $2.25, XRP has experienced a 3.3% drop in the past 24 hours. However, the coin’s recovery after dropping to $1.912 is seen as a positive indicator.
This rebound came after Ripple Labs received approval from the New York Department of Financial Services (NYDFS) for the RLUSD stablecoin. The license from NYDFS allows for the stablecoin’s launch on previously announced partner platforms.
The RLUSD stablecoin, which is part of the broader XRP ecosystem, may contribute to the ongoing revival of the coin’s price. Ripple Labs’ approval of the RLUSD stablecoin could positively impact XRP’s market dynamics, potentially boosting investor confidence and supporting its future performance.
The increased investment flow to Binance and the approval of the RLUSD stablecoin represent significant developments in the digital currency market. These factors may play a crucial role in the liquidity and price stability of XRP.
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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
