Ripple Shifts 46M XRP to Binance as ETF Inflows Hit $50M Amid Market Jitters
Ripple's decision to move 46 million XRP - a whopping $101 million worth - to a Binance-backed wallet has got people talking...
Quick overview
- Ripple transferred 46 million XRP, valued at $101 million, to a Binance-backed wallet, sparking discussions in the crypto community.
- Despite a downturn in the broader crypto market, US-listed XRP spot ETFs attracted $50 million in net inflows on Wednesday, indicating strong institutional interest.
- XRP's price faced pressure, dropping 1.7% to $2.17, while trading volume decreased by over 30%, leading to mixed sentiments among analysts.
- While some analysts predict a potential price increase for XRP, futures data shows varying trends in open interest across different platforms.
Ripple’s decision to move 46 million XRP – a whopping $101 million worth – to a Binance-backed wallet has got people talking in the crypto space. The actual move, first spotted by those trackers at Whale Alert on Dec 4, wasn’t a one-off – it happened in two stages: first from a Ripple-controlled wallet to a subwallet inside their own system, then on to a Binance-linked address. This all comes as XRP is getting a lot of extra attention due to a rush of interest in new spot ETFs that just launched.
The ripples from this move are being closely watched right now. It isn’t very easy because it’s happening at the same time as there is a lot of positive momentum with those ETFs, but it is causing mixed feelings among the trading community.
ETF Momentum Building Despite Volatility
Despite the broader crypto market hitting a rough patch and taking a sharp knock, US-listed XRP spot ETFs kept on lapping up investors’ cash. On Wed alone, they took in $50 million in net inflows – that’s a pretty big vote of confidence from the institutional set.
Some of the biggest contributors to this inflow were:
- Grayscales GXRP took in $39 million
- Franklin XRPZ saw $4.76 million come in
- The Bitwise XRP ETF brought in $3.29 million
The assets under management by all these XRP ETFs are now over $906 million, which is a pretty impressive number. And it’s thanks to several issuers giving the investors a fee break. But if you look at on-chain data, you get a different picture. Ripple’s big transfer to Binance is giving out warning signs that there could be supply chain pressure building up, and also, the XRP Whale Flow 30DMA is still in the red – even with a recent swing in increased network activity.
XRP/USD Price Under Pressure And What to Expect
On Thursday morning, XRP took a 1.7% hit in early trading and ended up floating at $2.17 after trading between $2.15 and $2.21 at one point. Trading volume also dropped by over 30%, a significant decline in a short period. The analysts are still divided, but are looking on the bright side when it comes to XRP.
- Ali Martinez thinks that XRP has been stuck in this descending channel since October and predicts that it will break through and head up to $2.75 if it can get past $2.28
- Peter Brandt is a long-time market veteran who thinks the downtrend may finally be turning – and if it does, that could send the price all the way up to $3.
And then there’s the futures data from CoinGlass. Open interest on XRP futures on the Binance platform dropped 3% over 24 hours – although it did go up by 1% on the CME platform and by 0.65% on all platforms combined. This shows that not everyone is on the same page in the trading community.
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