[DigitalToday reporter Yoonseo Lee] An analysis said XRP's recent pullback may be driven by leveraged-position liquidations and broader weakness in the cryptocurrency market rather than large-scale selling by whale investors.

The Crypto Basic, a blockchain outlet, reported on June 10 that CryptoQuant analyst PlineyPA said whale selling pressure is easing as the amount of XRP flowing into Binance declines.

The key evidence is the Binance inflow trend. The analysis said large transfers of more than 1 million XRP accounted for a significant share of XRP inflows to Binance from 2021 to 2025. Such activity was seen as a sign that whales and institutional investors were actively moving.

That trend reversed after peaking in 2025. Transfers of more than 1 million XRP turned downward, and the trend continued even after XRP retreated from highs above $3. XRP fell to as low as $1.01 in June, but a sharp increase in exchange inflows seen in past major selloffs was not observed this time.

In previous major selloffs, inflows in the 100,000 to 1 million XRP range and above 1 million XRP surged, followed by price weakness. This time, there was no similar spike signal during the correction. PlineyPA said the pattern suggests whales are not engaging in broad profit-taking despite the recent decline.

The analysis also cited a shift in the stance of large holders after approval of a spot XRP exchange-traded fund. PlineyPA said the post-approval drop in exchange inflows could be seen as reflecting greater confidence among large holders. It suggests whales are less willing than before to cash out their holdings.

The analysis said leveraged-position liquidations and overall market weakness are a more likely direct cause of the recent correction than whale selling. In severe bear markets, investors tend to close positions and exchange inflows often rise sharply, but on-chain data currently show no such move. PlineyPA said XRP's market structure is maintaining a relatively healthy state.

The key watch point going forward is the Binance inflow trend. If low inflows persist, the amount of XRP immediately available to sell on exchanges could fall further. If demand also strengthens, conditions could emerge that favor a price rebound. The analysis said that if large inflows of more than 1 million XRP remain low, it could help defend the current market structure.

The analysis focuses on changes in the exchange inflow structure rather than the price drop itself. Reduced movement by large holders makes it harder to view XRP weakness as solely selling pressure and could also serve as a benchmark for judging future supply and demand. The market is likely to watch whether exchange inflows rise again or whether the current low-inflow trend continues for now.

Declining XRP Inflows to Binance Reflect Growing Whale Confidence “If Binance inflows remain subdued, the available selling supply could continue to decrease. Combined with stronger demand, this would make it easier for ripple:native to revisit the $1.8-$2.0 range.” – By… pic.twitter.com/dmrR1vJZUd