XRP could revisit the $1.8-to-$2 range if Binance inflows remain subdued, according to analysis shared by data analytics firm Cryptoquant on June 9. The research indicates that large XRP transfers to Binance have declined after a 2025 peak, even as weaker price action continues.

The data separates XRP Ledger (XRPL) deposits into Binance by transfer size, from smaller transfers to movements above 1 million XRP. Transfers exceeding 1 million XRP remained consistently elevated between 2021 and 2025 and accounted for a significant share of XRP entering Binance, indicating active participation from whale and institutional-scale holders.

The analysis stated:

“On-chain data does not point to aggressive whale selling or widespread profit-taking at this stage.”

Large exchange deposits can signal potential selling pressure since holders often move tokens onto trading platforms before selling. The latest Binance data does not show an unusual spike in the 100,000-to-1 million XRP or 1 million-plus XRP categories.

Earlier major downturns were often preceded by sharp increases in those same large-transfer bands. The absence of a similar surge means current Binance inflow data does not point to aggressive whale selling as the primary driver of the decline.

The research points instead to leverage liquidations and broader crypto market weakness as stronger explanations for the recent price decline. In severe bear markets, exchange inflows typically rise much faster as investors rush to move tokens onto platforms before selling.

Exchange inflows have also declined since the ETF approval referenced in the research. According to the analysis, that trend may signal a lower willingness among whales to move XRP onto Binance for potential sale. Whether that pattern persists will likely depend on activity in the 1 million-plus XRP transfer category, which remains a key measure of large-holder behavior.

The analysis stated:

“If Binance inflows remain subdued, the available selling supply could continue to decrease. Combined with stronger demand, this would make it easier for XRP to revisit the $1.8-$2.0 range.”

Exchange deposits still require careful interpretation. They show XRP moving closer to a trading venue, but they do not prove completed sales. XRP can also trade across other venues, so Binance gives one important view rather than the full market picture.

The recovery case, therefore, rests on supply and demand moving together. Whale-sized Binance deposits need to remain controlled, while stronger demand must absorb available supply before XRP can make a more durable push toward $2. As of writing, XRP is trading at $1.14.

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