XRP Deposit Share Spikes to 59.5%, Highest in 2 Years: Possible Impact on Price

$XRP deposit transaction share on Binance recently rose to 59.5%, representing the highest level since October 2024.

The increase came as $XRP’s price fell to around $1.10, showing a change in how investors moved the token. This latest trend indicates that more individual $XRP transactions involved deposits into Binance than withdrawals from the exchange.

Gap Between $XRP Deposits and Withdrawals on Binance

On the same day, $XRP’s withdrawal transaction share on Binance dropped to 40.4%, its lowest level since 2024. This widened the gap between deposits and withdrawals to 19.1 percentage points, indicating that deposits accounted for a much larger share of transaction activity.

The figures across other centralized exchanges (CEXs), however, reveal a much different trend. Specifically, $XRP deposit share across all exchanges increased from approximately 45% on Oct. 27 to 49% on Nov. 8.

During the same period, the withdrawal share fell from 55% to 50.9%. Despite this change, withdrawals still held a 1.9-percentage-point lead across the wider market.

This puts Binance’s figures well above the market average. Its 59.5% deposit share is 10.5 percentage points higher than the 49% recorded across all exchanges.

Essentially, Binance has seen a much stronger increase in $XRP deposits than the broader exchange market, where withdrawals still account for a slightly larger share of transactions.

Midterm Fallout and Market Jitters

The increase in Binance deposits came amid market uncertainty following the Nov. 3 U.S. midterm elections, in which Democrats won both chambers of Congress.

Concerns about tighter oversight of artificial intelligence and possible restrictions on>affected investor sentiment during the period.

These concerns carried over into the stock market on Nov. 5. The Nasdaq Composite fell 5.5%, while the Nasdaq 100 lost approximately $2.5 trillion in market value. The decline added to the pressure on technology-related stocks.

$XRP Faces Continued Price Pressure Despite ETF Inflows

The rise in Binance deposits came after a difficult month for $XRP. The token lost approximately 16% of its value in October, extending its decline into early November. Its fall toward $1.10 has added to the pressure on its price.

Despite this decline, U.S. spot $XRP ETFs continued to attract investment. The funds recorded $18.83 million in net inflows during October, marking their seventh consecutive month of positive inflows.

Essentially, institutional investors continued to put money into $XRP ETFs while the token’s price fell.

$XRP Wave 2 Correction May Be Ending

Meanwhile, market analyst Casi recently suggested that $XRP’s Wave 2 correction may be nearing an end. Her assessment focuses on $XRP’s 1-hour chart, where the token briefly fell below the macro 0.786 Fibonacci level and reached $1.075.

Casi also called attention to a completed five-wave structure and bullish divergence on the Relative Strength Index (RSI). In Elliott Wave analysis, a completed five-wave corrective pattern alongside bullish RSI divergence indicates that selling pressure is weakening.

According to her, these conditions are typical of the uncertainty, market pressure, and strong emotions that often accompany Wave 2 corrections.

However, $XRP still needs to overcome an important resistance level. Casi identified $1.65 as the key price level that could strengthen the bullish outlook if $XRP manages to break above it.

The token has faced resistance at this level several times, making another rejection possible. If it fails to move above $1.65, the price could turn toward lower support levels. The analyst highlighted $1.10, $1.00, and $0.90 as important support levels, which could represent buying opportunities.