Large XRP transfers are becoming more prominent across centralized exchanges overall, while their activity on Binance has declined. Data from the 7-day moving average of the XRP Whale vs Retail Spread across all centralized exchanges rose from 26% on May 6 to 50.9% on June 29. This is an increase of 24.9 percentage points.

According to CryptoQuant, the latest trend indicates that transfers involving more than 100,000 XRP are making up a much larger share of exchange outflows compared to smaller retail-sized transactions than they did in early May.

Whale Presence Outside Binance

The same cannot be said for Binance. CryptoQuant found that the exchange’s Whale vs Retail Spread dropped from 62% on June 11 to 44.6% on June 29, a decline of 17.4 percentage points. As a result, Binance’s reading now stands 6.3 percentage points below the broader centralized exchange average of 50.9%.

The Whale vs Retail Spread measures the difference between XRP outflow volumes generated by transfers above 100,000 XRP and those involving 100,000 XRP or less. Higher readings indicate that whale-sized transactions account for a larger share of exchange outflows than retail transfers.

The analysis revealed that the growing gap between Binance and the wider exchange market essentially suggests that large XRP transfers are becoming less concentrated on Binance and increasingly distributed across other trading platforms.

Price Struggles

XRP spent most of June under pressure after falling from above $1.30 at the start of the month to around $1.05 at the time of writing. Although the crypto asset saw a brief rebound in mid-June, the recovery quickly faded as sellers regained control and pushed prices lower again.

It even slipped behind BNB and USDC in market capitalization. With XRP currently testing the crucial $1.06 support previously identified by Ali Martinez, the asset is now exposed to lower support areas at $0.80, $0.62, and $0.51.

Meanwhile, Glassnode reported that XRP investors are realizing more losses than profits. Despite the weakness, some analysts remain optimistic. EGRAG CRYPTO, for one, believes that if XRP follows historical price patterns linked to its “Central Line,” the asset could eventually reach between $5.70 and $8, based on gains seen during previous market cycles.

Source: CryptoPotato