60% whale outflows vs rising leverage – XRP at a crossroads?

AMBCrypto previously reported that South Korea’s K Bank, a banking partner of Upbit, has partnered with Ripple for a blockchain-based global remittance proof of concept. The project will test overseas transfers using Ripple’s network, adding to XRP’s already peculiar setup.

On Binance, wallets moving more than 1 million XRP made up nearly 60% of daily outflow value on 26 April.

This was close to the 66% peak seen on 28 March. This group has been dominating Binance outflows at around 56.4%, while the 100K-1M XRP group was at 19.3%.

Coinbase has been showing a similar (but less aggressive) pattern. In fact, above-1M XRP outflows reached around 33% twice in April, on 17 and 27 April.

The press time reading was high too, at about 27.3%.

You can’t prove accumulation with just with this, but large wallets are moving XRP away from exchanges again. So, this reduces available spot supply while the price stays weak.

Derivatives traders are here to stay though!

XRP’s price chart hasn’t yet confirmed the whale outflow signal. XRP closed near $1.3566, down 1.72% on the day. This fall came after an intraday high of $1.4065.

The token’s pace appeared to be weak, with RSI at 42.47 at press time – Way below its average reading of 54.65. With respect to the CMF, strong spot inflows were not visible yet.

The derivatives side looked different though.

Aggregated Open Interest was steady near $975.5 million. Average Funding Rate was also positive at 0.0032. That suggested that traders might be leaning long, even despite a weak price.

As it stands, XRP is stuck in a crowded setup. If spot demand improves, the move can go further up. However, if sentiment turns, those longs could quickly become pressure.

Final Summary

• >1M XRP transfers made up nearly 60% of Binance outflows.
• $975M OI and positive funding mean traders could be still betting on upside.