Over 31 million XRP tokens, worth approximately $45 million, were transferred to Binance from large wallets on February 23, according to on-chain data. This significant movement from whale wallets, combined with Bitcoin’s stagnant price action, is applying downward pressure on XRP’s price. The token currently holds above a key $1.33 support level, with analysts warning a break below could lead to a deeper correction towards $1.17.
A surge of over 31 million XRP tokens was sent to Binance largely from whale wallets, as reported by on-chain data from CryptoQuant. This activity coincides with Bitcoin trading in a range, which is limiting upward momentum for altcoins like XRP.
The token’s price traded near $1.36, marking a 3.8% decline over 24 hours according to CoinMarketCap. Its spot trading volume remains below levels seen during its 2025 rally phase.
CryptoQuant contributor Darkfost reported that a high percentage of the transfers were large transactions. The group moving over 1 million XRP contributed 14.4 million tokens, while the 100,000 to 1 million group sent 14.2 million.
The combined deposits equate to roughly $45 million in potential sales at current prices. Large transfers to centralized exchanges have historically been associated with hedging or profit-taking by major holders.
Historically, increased whale deposits at Binance have often preceded heightened volatility for XRP. This is particularly impactful during periods of poor overall market conditions.
TradingView chart data indicates XRP has lost the $1.46 Fibonacci retracement level, shifting the short-term trend bearish. The coin is currently trading above a key demand zone between $1.33 and $1.24.
If XRP breaks below the $1.33 support, the next major level to watch is $1.17. This price was a strong accumulation area during a previous bear trend for the asset.
Conversely, a recovery above $1.50 would invalidate the bearish case and confirm renewed buying strength. Current price action appears driven more by liquidity movements than by spot accumulation from retail investors.
