XRP (CRYPTO: XRP) jumped 6 over the past 24 hours ,briefly touching $1.40 as whale inflows to Binance surged to a six-month high.
The sharp price rebound comes after XRP suffered a steep selloff earlier this week following the failed Senate vote to advance the Clarity Act.
How XRP Whale Inflows Help?
CryptoQuant data on Friday shows cumulative XRP whale inflows to Binance over the past 30 days reaching almost 1.6 billion XRP, the highest level since March.
The metric declined steadily through May, June and July before recovering in August and accelerating in recent weeks.
Higher exchange inflows put more XRP within easy reach of the market, potentially increasing short-term selling pressure.
However, transfers to Binance do not necessarily mean whales intend to sell, as they may also reflect trading, liquidity management or portfolio repositioning.
The signal could turn more bearish if elevated whale inflows coincide with rising net exchange deposits, trading volumes and reserves. Without corresponding selling pressure, the flows may instead reflect increased trading activity.
Will Spot XRP ETF Bounce?
XRP-focused treasury management company Evernorth reportedly raised $30 million through convertible notes issued to South Korean institutional investor NH Investment & Securities.
The financing is contingent on the successful completion of Evernorth’s planned SPAC merger.
Evernorth plans to deploy the proceeds into spot XRP ahead of its public-market debut.
Following the SPAC transaction, the company intends to list on Nasdaq under the ticker XRPN.
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