Ripple has experienced a significant increase in large deposits to Binance, reaching the highest level in six months with over 2.66 billion XRP tokens transferred in the past 30 days. This surge in activity suggests that major holders are actively moving tokens and engaging with the exchange.

Despite recent market volatility, these investors bought over 100 million XRP when its price dropped below the $2 support level, likely anticipating a price rebound. XRP's price has indeed recovered, currently trading around $2.42, reflecting a 10% increase in the past day.

This recovery follows Ripple's regulatory approval from the New York Department of Financial Services (NYDFS) to launch its new stablecoin, RLUSD. Ripple Labs CEO Brad Garlinghouse announced the approval after a thorough review process and mentioned that more information about RLUSD's exchange listings and partnerships would be disclosed soon. The stablecoin aims to compete with established players such as Tether's USDT and Circle's USDC.