CandleFocus Binance is the top exchange for Ripple’s XRP whales
2024-10-18
Author: Content Editor
Ripple's XRP has gained attention as it has shifted to Binance, becoming a preferred market for XRP whales who have been making deposits since 2021. The deposits on Binance have increased, and the exchange offers suitable trading pairs for XRP volatility. Binance still supports XRP staking, which is one of the reasons why whales prefer to keep their balances on the exchange. Other whales have been moving XRP to smaller exchanges like Bitso, Bitstamp, and Bybit. Binance holds a significant amount of XRP in its wallets, making it one of the largest holders after Ripple itself. The recent attention on XRP comes after the US Securities and Exchange Commission did not file to extend the lawsuit against Ripple, indicating that XRP is not an unregistered security. However, there are concerns about whether XRP will be a good investment, as it has not shown significant movement in its price for years. Ripple aims to develop its network to include stablecoins, payments, tokenization, and safe custody, but XRP may not be necessary for all use cases. Despite a small-scale recovery, XRP trading volumes remain below their peak levels from previous years.
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