XRP Whales Flood Binance With $45M, Signaling Sell Pressure

On-chain data reveals a sharp, concentrated movement of XRP to the Binance exchange on February 21, with total inflows spiking to more than 31 million tokens. According to CryptoQuant contributor Darkfost, who flagged the development, this was not a broad-based retail event. The chart titled “XRP Ledger: Exchange Inflow – Value Bands – Binance” shows the stacked bars for the day were dominated by the two largest holder cohorts. Wallets holding between 100,000 and 1 million XRP sent 14,236,825 tokens, while whale wallets holding more than 1 million XRP transferred 14,494,865 tokens. Together, these large holders accounted for nearly all of the significant inflow, with mid-sized and smaller wallets contributing only a minor fraction.

Darkfost directly summarized the move, stating, “This week was notably marked by a significant XRP inflow to Binance, which remains the go-to exchange for large transactions thanks to its deep liquidity. More than 31 million XRP were transferred to the exchange in a single day yesterday.” The pattern reinforces that the event was orchestrated by large holders, a detail that carries substantial implications for market dynamics. In practical terms, large exchange inflows are often monitored as a leading indicator of potential selling intent, as moving assets to a highly liquid venue like Binance typically precedes a sale, even if the inflow alone does not confirm execution.

The timing of this whale activity significantly amplifies its potential impact on XRP’s price. The inflow occurred against a backdrop of weak broader market momentum, with Bitcoin continuing to trade in a range. Darkfost noted this context, writing, “BTC continues to range, offering limited directional clarity in the short term. This lack of momentum is weighing on the broader market, with altcoins continuing to underperform in the absence of a clear trend.” In such an environment, where altcoins like XRP are already struggling, a sudden influx of potential sell-side supply carries more weight than it would during a strong, bullish market phase.

Darkfost framed the resulting risk in stark dollar terms, writing, “Altogether, this represents a sudden potential sell-side pressure of nearly $45 million that warrants close monitoring.” The analyst argued that should this selling pressure materialize and persist, XRP may struggle to recover from its ongoing correction in the near term. The price action preceding the inflow supports this concern. The chart shows XRP trading lower across much of the February 15–23 period, sliding from higher levels before finding a bottom near February 19 and staging only a modest rebound. By the time of the large February 21 inflow, the price had recovered somewhat but remained below earlier weekly highs.

The convergence of whale-dominated exchange inflows and fragile market sentiment creates a challenging short-term setup for XRP. The immediate price reaction following the data highlighted by Darkfost underscores the vulnerability. After the inflow was recorded, the token’s modest rebound was completely erased during the early European morning session, with XRP falling to as low as $1.33. At the time of the report, it traded at $1.3947, reflecting ongoing pressure.

The core argument from the on-chain analysis is that concentrated, whale-led supply arriving at a liquid exchange like Binance represents a clear and present downside risk. This is not diffuse selling from small holders but a targeted movement from entities capable of moving the market. In the absence of a strong, positive catalyst from Bitcoin or the broader crypto market to absorb this potential supply, XRP faces headwinds. The event serves as a critical on-chain warning signal, suggesting that the path to recovery for XRP may be obstructed in the near term by this $45 million overhang of potential sell-side pressure, warranting close observation from traders and investors alike.