XRP whale deposits to Binance hit two-month low, signaling easing sell pressure

XRP whale deposits to Binance fell 34.4% from late last month to the lowest level in two months, according to an analysis by on-chain analyst Arab Chain. Arab Chain said exchange inflows from whales are generally used as an indicator of large investors' selling intentions or trading activity. Rising exchange inflows can be interpreted as increasing the likelihood of greater selling pressure, while the latest drop in XRP deposits suggests whales' willingness to sell has weakened or trading activity has slowed. It may also indicate a stronger preference for holding assets in private wallets rather than on centralized exchanges. Still, Arab Chain said lower whale inflows alone are not enough to label the market as bullish or bearish, and price action, trading volume, exchange fund flows and derivatives market indicators should be assessed together.