XRP transaction activity on Binance has rocketed in early May after weeks of declining participation, yet the token continues to struggle against Bitcoin’s rally. CryptoQuant analyst Arab Chain reported that both deposit and withdrawal transactions surged again, with average deposit transactions recovering to 308,500 and withdrawals climbing to 325,600 by early May. This sharp rebound came after a prolonged slump that saw average transaction counts drop from above 350,000 to below 270,000 from late March through mid-April.
Despite the recovery, withdrawals outpaced deposits by nearly 17,000 transactions, indicating that many holders still prefer moving XRP off exchanges. This off‑exchange behavior usually signals longer‑term holding, but the broader picture tells a different story.
Analyst ChaCha highlighted that since February 2025, Binance and Upbit have recorded massive XRP inflows of approximately 6.5 billion and 2.55 billion tokens respectively, while total exchange balances dropped by 3.04 billion XRP. These inflows suggest a large number of investors transferred tokens to exchanges likely to sell, adding persistent selling pressure that has kept the XRP price stagnant around $1.40 even as Bitcoin surged past $80,000.
More recently, data from May 5 shows a slight shift: Upbit and Crypto.com registered large outflows (6.48 billion XRP and 340.6 million XRP), but Binance still recorded inflows of over 2.54 billion XRP. The mixed signals highlight a tug‑of‑war between accumulation and distribution on the world’s largest exchange.
