Decrease in Selling Pressure on Ripple as 3.6 Million Units Enter Binance

On-chain data indicates that selling pressure on Ripple has decreased. The average monthly inflow of XRP to Binance has reached 3.6 million units, marking the lowest historical level. Additionally, the share of withdrawal transactions from exchanges has increased to 55.6%, the highest level since February 2021. These statistics reflect a reduced willingness among holders to transfer Ripple to exchanges for sale. However, significant challenges remain. Historically, August has been the least volatile month for Ripple, closing in a downward trend for four consecutive years. Furthermore, institutional demand through spot funds recorded only about $19.6 million in inflows in July. It remains to be seen whether the decrease in selling pressure can help maintain Ripple's price above $1 this month.

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