Key takeaways
- XRP exchange deposits reach 6.05 billion tokens monthly
- Binance receives 2.46 billion XRP during the period
- Whale withdrawals hit five-year low while ETF demand weakens
XRP exchange inflows reached 6.05 billion tokens in the 30 days ending October 19, their highest level in seven months, while a separate indicator of large-investor activity on Binance fell to its lowest reading in five years.
According to CryptoQuant analyst Arab Chain, exchange deposits have doubled since mid-August. Binance accounted for approximately 2.46 billion XRP, or 40.7% of the total, as the cryptocurrency traded near $1.30 following a 12.5% decline in October.
The figures suggest more XRP is moving onto trading platforms during a period of weaker market demand, although deposits alone cannot establish that investors have sold their holdings.
XRP Exchange Inflows Hit Seven-Month High at 6.05 Billion
Binance received the largest share of XRP deposits during the reporting period, followed by Bybit with 580.31 million tokens and OKX with 557.13 million.
Upbit recorded another 544.48 million XRP, while Bitget received 284.52 million. Together, these exchanges accounted for most of the reported activity.
The increase extends an earlier Binance inflow surge, when large-holder deposits reached 1.669 billion XRP over a separate 30-day measurement.
However, gross exchange inflows are not equivalent to net changes in exchange reserves. Tokens can move between exchanges, custody wallets and market makers without creating immediate selling pressure.
A previous exchange balance increase showed nearly 84 million additional XRP in tracked wallets over three days, highlighting the importance of examining actual reserve changes alongside transaction flows.
Binance Whale Withdrawals Fall to Five-Year Low
A separate CryptoQuant analysis from Darkfost showed that the 90-day moving average of whale withdrawals from Binance declined to approximately $49.7 million, its lowest reading since October 2021.
The metric previously reached approximately $3.5 billion in February 2025, illustrating a substantial contraction in large-holder withdrawal activity.
Declining withdrawals can indicate reduced accumulation activity, but they do not prove whales have begun selling. Exchange transfers may reflect custody decisions, trading arrangements or portfolio rebalancing.
The shift follows an earlier decline in whale dominance, when large investors' relative share of XRP withdrawals decreased across centralized exchanges.
Market participation has also weakened in derivatives. Binance XRP futures open interest recently declined $85.1 million after approximately $25.7 million in long liquidations.
XRP ETF Demand Slows Alongside Exchange Activity
Institutional investment flows provide another indication of changing market conditions.
U.S. spot XRP ETFs reportedly recorded $1.84 million in net weekly outflows, ending a 13-week inflow streak. October net inflows stood near $10.25 million, compared with $121.4 million in September.
That reversal follows an earlier period of sustained ETF demand, when funds attracted fresh capital despite falling XRP prices.
Coinpaper previously reported how ETF inflows slowed even as cumulative investments approached $1.8 billion.
