XRP Experiences Massive Outflow from Binance Despite Price Challenges

In the past year, billions of dollars in XRP have been moved from Binance to private wallets, causing a nearly 45% drop in Binance’s XRP reserves. This pattern indicates that fewer holders are planning to sell in the near future and long-term storage is becoming more widespread. On-chain data also suggest a similar pattern to early 2022, where prices dropped over several months. However, despite this large outflow, XRP’s price continues to struggle, falling over 11% in the last week. The token dipped to $1.84 before recovering to around $1.90. Analysts also note a drop in trading volume during this downtrend, possibly indicating reduced interest from buyers. Despite the challenging price situation, some analysts see the current setup as a possible accumulation phase after a decline.