XRP Floods into Binance at 663% Above Normal: What’s Happening?

XRP exchange data showed an unusual spike during the week ending Sept. 20, as more tokens flowed into Binance.

Notably, Binance recorded average XRP inflows of 21,718,631 tokens per day, which stood 663% above the quarterly baseline. 

However, the increase did not continue throughout the week. Most of the activity came from three sessions that also fell around major regulatory and economic events.

XRP Inflows Concentrate Across Three Sessions

For context, the weekly data show no recorded XRP inflows on Sept. 12, 15, 18, or 19. In addition, Sept. 20 also had no recorded price, open interest, funding, or transaction data. 

This left three sessions responsible for most of the weekly average. Specifically, XRP inflows reached 91.2 million tokens on Sept. 11, 44.5 million on Sept. 16, and 41.7 million on Sept. 17.

Moreover, The Crypto Basic reported on Sept. 18 that whale inflows to Binance over the previous 30 days had reached about 1.6 billion XRP. This marked the highest level since March 2026. 

Large-wallet transfers had declined steadily from May through July before flipping higher in August and rising in September. The change stood out as one of the quarter’s major on-chain developments.

Clarity Act Vote and Fed Rate Decision

Interestingly, the Sept. 16 and 17 inflow spikes came just after two major events. On Sept. 15, the U.S. Senate failed to move the Clarity Act forward after a 49-50 procedural vote. The bill sought to establish formal regulatory definitions for digital assets, including XRP.

Also, the Federal Reserve raised the federal funds target range by 25 basis points to 3.75%-4.00% on Sept. 16. The move marked the Fed’s first rate increase since 2023. Meanwhile, the 10-year Treasury yield closed the period at 4.96%.

XRP fell toward $1.27 during the Federal Open Market Committee session before recovering to close at $1.410 on Sept. 19. This makes the timing of the September 16 and September 17 inflows notable. 

One possible explanation, though the data do not confirm it, is that traders or large holders moved XRP between exchanges while adjusting their positions around the rate decision instead of preparing for outright selling.

Binance Sees Record Turnover

Meanwhile, further data shows that XRP moved in both directions during the period. Monthly inflows rose 457%, while outflows increased 167% from the previous period. Despite the rise in gross flows, Binance’s XRP reserve ended the week at 2,630,628,140 tokens.

The reserve stood just 0.22% above the quarterly baseline and 0.34% higher week-over-week. At the same time, XRP outflows averaged 11,565,238 tokens per day. The number of deposit addresses also averaged 788 per day, which was 129% above the quarterly baseline.

The rise in both inflows and outflows suggests that much of the activity involved XRP moving in and out of the exchange. In other words, the higher turnover did not lead to a major change in Binance’s net holdings. 

XRP Seeing Rising Leverage

Network activity remained relatively weak despite the increase in exchange flows. XRP’s NVT ratio fell 32.1%, while the transaction count declined 16.4%. This means network activity did not rise alongside the price recovery and higher exchange turnover.

In the derivatives market, open interest reached 477.1 million, up 9.4% from the quarterly level, while the estimated leverage ratio rose to 0.181, a 9.1% quarterly increase. Funding settled at 0.004 after doubling week-over-week, showing that long-biased traders faced higher costs for maintaining their positions.

Liquidations also hit both sides of the market. Short liquidations averaged 2.34 million XRP per day, up 199% week-over-week, while long liquidations averaged 2.93 million XRP per day.