XRP’s chance of a daily close below $1 are rising, but whale accumulation and shrinking exchange supply may be a sign that traders are buying.
XRP is trading just above $1, leaving the token at its weakest price level of the year, but onchain data paints a different picture.
The exchange-held XRP supply continues to fall, Binance withdrawals have exceeded deposits for seven straight days, whale flows are holding positive and spot XRP exchange-traded funds (ETFs) have attracted $243 million in inflows since April.
The improving onchain data points to healthy network positioning, even as XRP continues to search for a price bottom.
Crypto analyst Amr Taha noted that Binance's XRP reserve has fallen to its lowest level since March after roughly 100 million XRP left the exchange over the past month. Binance's balance stood at about 2.68 billion XRP on June 25, down from 2.78 billion XRP on May 12, accounting for the largest outflow among major trading platforms.
XRP multi-exchange daily reserve. Source: CryptoQuant
Other exchanges also posted smaller declines. Upbit's reserve fell to 2.48 billion XRP on June 25 from 2.51 billion XRP on May 31, while Bybit's holdings declined to 82 million XRP from 92 million XRP on June 2. Binance led in absolute outflows, while Bybit recorded the steepest percentage decline.
Taha also highlighted a significant shift in Binance transaction activity. XRP withdrawal transactions have exceeded deposits for seven consecutive days since June 17. The seven-day withdrawal share climbed to 53.8% on June 23, its highest reading since June 2024, while deposits fell to 46.1%, the weakest level since 2024.
XRP daily deposit/withdrawal transactions (%) on Binance. Source: CryptoQuant
The metric tracks transaction count rather than XRP volume. This indicates users are moving coins off Binance more frequently than sending them to the exchange, marking the longest withdrawal-led stretch in roughly a year.
Large XRP holders supported the trend. XRP whale flow on the 90-day moving average has stayed positive throughout the quarter at 5.143 million XRP per day, showing consistent net accumulation by large wallets instead of distribution.
Institutional demand has also added support. Spot XRP ETFs recorded $2 million in net inflows on June 24, lifting June's total netflows to $31 million. Since April, the total cumulative inflows have reached $243 million.
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