[DigitalToday intern reporter Seung-a Yoo (유승아)] The share of XRP deposit transactions on Binance rose to 59.5 percent, the highest since October 2024.

On Nov. 9, Decrypt reported that as XRP fell to around $1.10, deposits took up a much larger share of exchange deposit and withdrawal transactions.

As of Nov. 8, the share of XRP withdrawal transactions on Binance was 40.4 percent, the lowest level since 2024. The gap between deposit and withdrawal shares widened to 19.1 percentage points. This is based on the number of transactions and does not mean the actual amount of XRP deposited or the scale of net inflows.

The broader flow across centralized exchanges (CEXs) differed. The share of XRP deposit transactions rose to 49 percent on Nov. 8 from about 45 percent on Oct. 27, while the withdrawal share fell to 50.9 percent from 55 percent over the same period. Across all exchanges, withdrawals still exceeded deposits by 1.9 percentage points. Binance's deposit share was 10.5 percentage points higher than the overall exchange average.

The trend emerged as market uncertainty grew after Democrats won control of both chambers of the U.S. Congress in the Nov. 3 midterm elections. Concerns about tighter artificial intelligence (AI) regulation and possible limits on data center construction weighed on investor sentiment. On Nov. 5, the Nasdaq Composite fell 5.5 percent, and the market capitalization of the Nasdaq 100 dropped by about $2.5 trillion (about 3,400 trillion won).

XRP also stayed weak. XRP fell about 16 percent in October and extended losses in early November, sliding to around $1.10. In contrast, U.S. spot XRP exchange-traded funds (ETFs) posted net inflows of $18.83 million (about 25 billion won) in October. With net inflows extending for a seventh straight month, ETF-linked investment inflows continued despite the price decline.

Technical analysis also raised the possibility of a rebound. Market analyst Casi (카시) said that based on XRP's 1-hour chart, the Wave 2 correction may be nearing its end. XRP briefly fell below the macro 0.786 Fibonacci zone and dropped to $1.075. Casi said a five-wave structure was complete and a bullish divergence appeared on the relative strength index (RSI). In Elliott wave analysis, such signals suggest selling pressure may be easing.

XRP must break above resistance at $1.65 to maintain an upward move. Casi said a move above that level could strengthen the bullish outlook. If it fails to break through, $1.10, $1.00 and $0.90 could act as key support levels, Casi said.