Large holders of XRP, commonly referred to as whales, made a notable shift in strategy after the asset’s price pulled back from $1.70 to approximately $1.30. This adjustment led to the lowest withdrawal volumes seen in five years, as investors with million-dollar XRP holdings nearly stopped removing tokens for long-term storage and instead began moving significant amounts to trading platforms.
Withdrawal volumes hit record low
Data from CryptoQuant indicated that XRP withdrawal volume from Binance dropped to just $49.7 million per day, marking a level that had not been recorded since October 2021. For comparison, when the XRP price hovered around $3.30 in February 2025, investors were withdrawing approximately $3.5 billion daily.
| Date | XRP Price | Daily Withdrawals |
|---|---|---|
| Feb 2025 | $3.30 | $3.5 billion |
| Oct 2021 | Near $1.00 | $49.7 million |
| Current | $1.30 | $49.7 million |
The decrease in withdrawal volume signals a pause in long-term accumulation, as larger market participants seem to be adopting a wait-and-see approach rather than building their positions.
Exchange reserves grow, sellers or liquidity?
Over the last 30 days, Binance received 1.669 billion XRP in new deposits, reaching a seven-month high. Cumulatively, major exchanges accepted a total of 6.05 billion XRP throughout the month—the strongest inflow since March and nearly double the volume seen in mid-August.
While increased deposits are often interpreted as a sign of impending sell-offs, analysts cautioned that not all of these coins are destined for the market order book. Portions of these inflows could be allocated to provide liquidity in the futures market or deployed for internal strategies by the platforms.
Large deposits on exchanges might raise concerns about selling pressure, but much of this liquidity supports market operations like derivatives and does not automatically translate to downward price action.
On October 20, blockchain records showed a single large transfer as a wallet containing about 300 million XRP, accumulated at an average price of around $2 in late 2025, moved 82.3 million XRP—valued near $106–107 million—to a fresh address.
The originating wallet retained more than 140 million XRP after the transaction. With no direct links to known exchange addresses and no subsequent movements, analysts suggested that this activity likely represented internal portfolio rebalancing rather than a sale.
Mini dictionary: CryptoQuant, a blockchain data analytics provider specializing in exchange flows, reserve levels, and other key on-chain metrics for major digital assets.
ETF inflows remain steady
In the background, demand for XRP is being supported by investment funds. Net inflows to US spot XRP exchange-traded funds (ETFs) have reached $1.8 billion, helping anchor the token’s price and providing a counterweight to potential exchange speculation.
The balance between increased liquidity on exchanges and persistent ETF demand suggests the market is waiting for a new catalyst while standing at a multi-month high for freely tradable XRP.
Although on-chain trends do not provide a clear indicator of where the XRP price is heading next, the substantial rise in available exchange liquidity shows that the market is positioned for increased activity and ready to break the current period of calm.
