Connect with us
Active Currencies 14033
Market Cap $2,582,648,870,988.24
Bitcoin Share 50.86%
24h Market Cap Change $1.22

Explaining XRP’s outflows from Binance hit 75M

2min Read

These fast-paced transactions may incite XRP’s bullish predictions.

XRP's outflows from Binance hit 75 mln: What's brewing?

Share this article

  • XRP’s price climbed to $0.62 after a wave of exchange withdrawals.
  • The CLLD spiked negative, indicating a bullish bias.

The number of Ripple [XRP] tokens that have been retired from Binance has exceeded 75 million, AMBCrypto confirmed after reviewing the large transactions Whale Alert reported in the last 24 hours.

According to Whale Alert, these transactions happened in batches.

But for XRP’s price, this could be good news. One reason for this projection is that large withdrawals from exchanges meant fewer sell-offs.

Also, if buying pressure comes in during this period, the cryptocurrency’s price might soar. However, XRP’s price over the last few days has been underwhelming compared to its peers.

XRP grabs the bull by the horn

At press time, we observed that the token had lost 1.89% of its value in the last seven days while trading at $0.62.

While the development with Binance could be a great one, it is also important to confirm the state of the exchange activity on-chain.

Using Santiment, AMBCrypto noticed that the exchange inflow was 258,000. Conversely, the exchange outflow was a total of 1.69 million within the first few hours of the 11th of March.

XRP exchange ouflow outpacing the inflows

Source: Santiment

This disparity implied that more tokens have left exchanges than they have flowed into them. Therefore, the chances of an XRP price increase remained high.

Besides the on-chain activity, we also checked out the liquidation levels. For context, liquidation levels are estimated price levels where liquidation events might occur.

The moon could be the starting point, but first…

From AMBCrypto’s analysis, aggressive buying was taking place at $0.62, indicating that many shorts could be liquidated if XRP’s price rises higher than that.

HyblockCapital’s data also gave us an idea of the Cumulative Liquidation Levels Delta (CLLD).

The CLLD can tell if a cryptocurrency has bullish or bearish potential. As of this writing, the CLLD had spiked in the negative direction. This was the case as XRP’s price sharply declined earlier.

XRP's price showing a bullish bias as the CLLD spiked negative

Source: HyblockCapital

But traders who decide to short at this point might be liquidated, as mentioned above. Concerning the price, the CLLC indicated a bullish bias.

Therefore, the forthcoming days could see XRP’s price rise toward $0.65, provided the market conditions remain bullish.

In addition, on-chain data from Santiment showed that XRP circulation fell. At press time, the one-day circulation was down to 209.94 million.

This decline indicated that tokens used in transactions had decreased.

XRP's price increase and decrease in circulation

Source: Santiment


Read Ripple’s [XRP] Price Prediction 2024-2025


In terms of the price action, the decline in circulation reduced the possibility of selling (like the exchange outflow). From a bullish point of view, the price of the token could rise as high as $0.70.

But this would require a lot of buying pressure. Should bears neutralize bullish dominance, XRP’s price might return to consolidating between $0.58 and $0.61.

Share

Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.