Ripple (XRP) on Binance sees the deepest spike in Netflow TxCount in 18 months
This chart shows the TxCount Netflow, which is the difference between the amount of deposit transactions and withdrawing transaction of XRP on Binance. The spikes in red, such as the recent one, shows that there are more deposit transactions than withdrawing transactions. The green color represent more withdrawing transaction, than deposit transactions.
There is a recent spike of 470 (30DMA). This means that there have been more XRP deposits on Binance, than withdraws. In my opinion, this shows a few things:
1) Ripple (XRP) has gained popularity recently. After months of withdrawals, there’s now a noticeable increase in deposits.
2) XRP is particularly popular among retail investors, evident from the high volume of small transactions heading to Binance. In contrast, whales typically execute larger, singular transactions, which isn’t the case here.
3) Binance remains a favored exchange for XRP-related activity.
Written by maartunn
