XRP jumps 6% as whale inflows to Binance hit six-month high

XRP jumped 6% over the past 24 hours. XRP briefly touched $1.40. Whale inflows to Binance reached a six-month high. CryptoQuant data showed cumulative XRP whale inflows to Binance reached almost 1.6 billion XRP over the past 30 days. This was the highest level since March. The metric declined through May, June and July before recovering in August and accelerating in recent weeks. Higher exchange inflows put more XRP within easy reach of the market and could increase short-term selling pressure. Transfers to Binance do not necessarily mean whales intend to sell. The transfers may also reflect trading, liquidity management or portfolio repositioning. The signal could become more bearish if high whale inflows coincide with rising net exchange deposits, trading volumes and reserves. XRP had suffered a steep selloff earlier in the week after a failed Senate vote to advance the Clarity Act. Evernorth reportedly raised $30 million through convertible notes issued to South Korean institutional investor NH Investment & Securities. The financing depends on the successful completion of Evernorth's planned SPAC merger. Evernorth plans to use the proceeds to buy spot XRP before its public-market debut. The company intends to list on Nasdaq under the ticker XRPN after the SPAC transaction.