XRP Whales Moved $112.4M a Month to Binance, the Most Since March

Large XRP holders moved an average of $112.4 million a month onto Binance in the latest reading, the heaviest monthly deposit flow the exchange has recorded since March. The figure comes from CryptoQuant data published on October 24, in which analyst Darkfost classified every transfer above 1 million XRP as a large transaction and tracked only the portion that arrived at Binance. The series values each transfer at its dollar size when it moves and averages the totals by month. Measured on that basis, the monthly average has expanded by $72 million since August. Part of the dollar growth is mechanical: the XRP price rose more than 30% over the same stretch, so a similar transfer count converts into a larger dollar total at a higher unit price. The dataset itself does not stretch to what happened after arrival. A deposit recorded at an exchange transfers custody, not a filled order; the record says nothing about whether the holder sold, in what size, or at what price, and no print on the spot trading market can be inferred from the movement alone. Darkfost's note also records a cooldown in the same series. Recent large-transfer inflows have returned to ordinary levels, and the September peak in deposits sat below the August one. A descending local high, followed by a return toward baseline in the weeks since, is the shape the series now carries. That matters more than the headline monthly number, because a deposit wave that has already peaked describes past positioning rather than an open door for new supply. Anyone reading the figure as a live sell signal would be reading more into the series than the series itself supports.

Deposits Are Not Sales

The same caution applies to the demand-side and network figures reported around the deposit data this week. Coins that reach Binance become inventory the market can absorb, so the flow reads best as potential supply, and realized selling shows up in the order record rather than the deposit ledger. On the demand side, SoSoValue's fund-flow aggregates recorded $3.55 million of net inflow into XRP ETFs on Thursday, October 22, and $4.25 million cumulatively for that week; the SoSoValue XRP page did not load during verification, so those two numbers stand as reported rather than independently re-checked. Spot ETF flows and exchange deposits track different periods and different pools, so neither figure can be ranked against the other as the dominant price driver. Venue-level breakdowns of the same tape, including Franklin Templeton's XRP ETF, sit in our separate coverage of the flows. Participation on the ledger itself has been widening: Santiment's on-chain data counted 8.24 million wallets holding a balance on the XRP Ledger, with 4,772 new wallets created in a single day, a count recorded alongside the balance total in the same dataset. Our separate read on XRP Ledger payment volume gives a parallel view of what the rails are actually settling. Wallet counts measure engagement on the network, not holders at a specific price, and one wallet does not equal one user. On price, the working map places a support band at $1.28–$1.30, with a slide toward $1 treated as a conditional scenario rather than a forecast; the band belongs to the standard support and resistance frame, and our XRP technical analysis page carries the fuller level work. None of these figures, together or separately, fixes whether the deposited supply has been sold or when a directional move arrives.

Read together, the datasets describe supply risk that has already crested. The $112.4 million monthly figure marks the stretch when large holders were most active in pre-positioning coins on Binance; the lower September peak and the return to ordinary levels since say that push has ended. What the record cannot show is whether those deposits turned into sales, or at what prices. Until the order record confirms or rules that out, the tokens' documented journey ends where it was last observed: on Binance, credited and available, with the trail stopping at the deposit. Prediction-market pricing has moved in the same direction, with Kalshi traders cutting XRP's $2 year-end odds to 14% after an 11-point drop. A measured DYOR approach keeps the deposit fact and the sale inference separate.