- XRP is under short-term selling pressure as more than 31 million XRP were transferred to Binance.
- Santiment sees the biggest loss spike since 2022 as a possible capitulation signal near a bottom, but not a sure rally signal.
For XRP, the latest on-chain data shows a possible turning point: selling pressure remains high. At the same time, a historic spike in realized losses could indicate that this pressure is slowly being exhausted.
31 million XRP flows on Binance
Crypto-Analyst Darkfost (@Darkfost_Coc) describes the market is currently directionless. Bitcoin continues to move sideways, and it is precisely this lack of momentum that is weighing on altcoins.
In an X post early on February 23, Darkfost writes: “Bitcoin continues to range-bound, providing limited near-term directional clarity. This lack of momentum is weighing on the broader market, with altcoins continuing to underperform in the absence of a clear trend.”
The crucial point for XRP is the transfer to Binance. According to Darkfost, “more than 31 million XRP” were moved onto the exchange in a single day. Binance continues to be the preferred platform for large transactions due to its low liquidity. This is relevant because deposits on exchanges often indicate intentions to sell – even if an inflow alone does not prove a sale.
The inflows were mainly borne by the largest holder cohorts and were distributed as follows: small holders (under 1,000) with 6,543, small holders (1,000-10,000) with 73,630, medium holders (10,000-100,000) with 2,938,809, large holders (100,000-1 million). 14,236,825 and whales (over 1 million) with 14,494,865 XRP.
Darkfost puts the potential selling pressure at around $45 million: “In total, this represents nearly $45 million in sudden potential selling pressure that should be closely monitored. Should this selling pressure continue, XRP may struggle to recover from its ongoing correction in the short term.”
What is crucial is whether further inflows follow and the tokens are actually sold.
Santiment: Biggest loss spike since 2022
At the same time, on-chain data provider Santiment sees another extreme in the data. The on-chain data provider wrote on February 21: “XRP saw its largest spike in on-chain realized losses since 2022. When the previous weekly value of -1.93 billion in realized losses was reached 39 months ago, XRP gained 114% over the following eight months.”
Santiment justifies this with classic market psychology. “Significant realized losses occur when many investors sell their coins at a lower price than they originally paid. This usually coincides with a period when fear dominates the market. When traders capitulate in panic, they realize their losses instead of waiting for a recovery.”
However, this does not automatically mean an immediate recovery or bottoming out. Santiment itself makes this clear: Historically, such swings often occur near market bottoms, but do not guarantee an immediate rally. From Santiment’s perspective, this suggests that some of the selling pressure has already been released. A slightly bullish sign.
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