XRP is pushing back toward $1.50, and the move comes with a curious twist: Binance just saw a huge wave of XRP deposits without a comparable increase in selling.
Average daily XRP inflows to the exchange reached 21.7 million tokens, or 663% above the quarterly average, according to on-chain data. At first glance, that kind of spike can look ominous. More tokens arriving at an exchange can mean holders are getting ready to sell.
The rest of the data tells a less straightforward story.
XRP Is Moving, But Not in One Direction
The biggest bursts were concentrated across three trading sessions. Binance recorded 91.2 million XRP on September 11, followed by 44.5 million on September 16 and another 41.7 million on September 17.
Those sessions coincided with two major market developments: the failed CLARITY Act vote and the Federal Reserve’s first rate hike since 2023.
Yet Binance’s XRP reserves barely moved. They increased just 0.22% to about 2.63 billion tokens, while daily outflows averaged 11.6 million XRP over the same period.
That mismatch matters. If deposits were translating directly into sustained selling, exchange reserves would be expected to climb more meaningfully. Instead, the numbers point toward intense two-way activity, with tokens flowing into and back out of the exchange.
In other words, XRP holders appear to be moving assets around at a much faster pace, but the data does not show a corresponding wave of net selling.
Whale activity adds another layer to the picture.
Large XRP holders increased their combined positions by roughly 1.54 billion tokens in 96 hours last week. Those holdings were worth about $2.2 billion, according to Santiment-linked data shared by analyst Ali Martinez.
That accumulation sits in sharp contrast to the alarming headline a 663% increase in exchange inflows might otherwise suggest.
XRP’s price has also recovered significantly from its recent lows. After trading near $1.27 earlier this month, the token climbed toward $1.50 on September 21, putting the market’s attention on whether the rebound has enough strength to continue.
XRP Now Has a Technical Level to Prove
The next hurdle is sitting almost exactly where the recent rally has taken the token: the 50-week moving average near $1.51.
According to the reference data, XRP has produced this kind of sharp rebound from a major long-term support area only four times in its trading history. That makes the current test more notable than an ordinary move through a familiar chart level.
A convincing break above $1.51 could put the $1.80 area into focus.
But there is an equally important level underneath the market. A volume-based support zone around $1.38 has repeatedly drawn substantial trading activity, making it a key area for traders watching whether the recovery can hold.
If XRP fails to clear the 50-week moving average and begins to retreat, $1.38 becomes the first level to watch. A break below that zone could bring $1.29 to $1.30 into view, where a shorter-term moving average overlaps with recent accumulation activity.
The network data, meanwhile, is sending mixed signals.
XRP’s network value-to-transactions ratio has fallen 32.1%, while transaction counts have also declined. At the same time, open interest has climbed to $477 million, with liquidations occurring on both sides of the market.
That combination does not establish a clear direction. It does, however, suggest that leverage is becoming a more important part of the price action, increasing the potential for larger moves in either direction.
For now, the market remains caught between two very different signals. Exchange inflows have exploded, but reserves have barely changed. Large holders have added substantial amounts of XRP, while network activity has weakened and leverage has increased.
The result is a market that looks busy without offering a simple answer about what comes next.
With XRP trading around the $1.40 to $1.55 range this week, traders are watching volume, funding rates and net exchange flows for clues about whether the rebound can push through resistance or lose momentum near the current levels.