XRP transfers into Binance surged last week, with the exchange recording average daily inflows of 21,718,631 tokens, according to CryptoQuant data. The figure was 663% higher than Binance’s quarterly baseline.

The sharp increase could appear bearish at first glance, but exchange inflows alone cannot confirm that whales were preparing to sell. The activity was concentrated around a few trading sessions, suggesting that traders may have been adjusting their positions in response to major regulatory and macroeconomic events.

XRP Inflows Clustered Around Key Market Events

The largest spikes came on September 16 and 17, shortly after developments surrounding the CLARITY Act and the Federal Reserve’s interest-rate decision.

On September 15, the U.S. Senate failed to advance the CLARITY Act in a 49-50 procedural vote. The result left legislation aimed at creating clearer regulatory classifications for digital assets, including XRP, stalled.

The following day, the Federal Reserve raised its target interest rate by 25 basis points to 3.75%-4.00%. It was the first Fed rate hike since 2023.

XRP dropped toward $1.27 after the FOMC announcement but later recovered, closing at $1.410 on September 19.

The close timing between these developments and the exchange-flow spikes is notable, although it does not establish a direct cause. Large holders could have moved XRP to and from exchanges while adjusting their exposure to the changing market environment.

The weekly average was also distorted by three particularly large inflow sessions. Binance recorded 91.2 million XRP in inflows on September 11, 44.5 million on September 16 and 41.7 million on September 17.

There were no recorded inflows on September 12, 15, 18 or 19. Data for September 20 was also unavailable for price, open interest, funding and transaction metrics.

Whale activity had already been increasing. Over the previous 30 days, Binance recorded about 1.6 billion XRP in whale inflows, the highest level since March. Large-wallet transfers had declined from May through July before beginning to recover in August and continuing higher into September.

Large Inflows Did Not Translate Into Major Reserve Growth

The broader exchange-flow data provide a more balanced picture.

Monthly XRP inflows increased by 457%, while outflows climbed 167%. Average daily outflows stood at 11,565,238 XRP, approximately half the average inflow rate.

Despite the heavy turnover, Binance ended the week with 2,630,628,140 XRP in reserves. That was only 0.22% above the quarterly baseline and 0.34% higher than the previous week.

The relatively small change in Binance’s holdings suggests that much of the increased flow involved funds moving in both directions rather than a sustained buildup of XRP on the exchange.

Leverage Adds to Market Risk

The number of deposit addresses also climbed, averaging 788 per day, 129% above the quarterly baseline. This indicates that the increase in exchange activity involved a broader set of wallets rather than being attributable solely to one large participant.

Network activity, however, moved in the opposite direction. XRP’s NVT ratio declined 32.1%, while transaction count dropped 16.4%, showing that on-chain usage did not expand alongside exchange turnover.

Derivatives markets showed stronger positioning. Open interest reached 477.1 million XRP, 9.4% above the quarterly level, while the estimated leverage ratio rose to 0.181, up 9.1% from its quarterly reading.

Funding increased to 0.004 after doubling week over week, making long positions more expensive to maintain.

Liquidations were substantial on both sides. Short liquidations averaged 2.34 million XRP per day, up 199% from the previous week, while long liquidations averaged 2.93 million XRP per day.

The data suggest that the volatility affected both bullish and bearish traders rather than producing a clear one-directional move.

Overall, XRP’s latest exchange data point to increased market turnover and active repositioning rather than conclusive evidence of whale distribution. Binance saw a dramatic rise in inflows, but substantial outflows kept its XRP reserves nearly unchanged.

The activity highlights elevated short-term volatility around regulatory and monetary-policy developments, while leaving the underlying intentions of large XRP holders uncertain.