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XRP tops $1.16 as whales reduce exchange deposits and ETFs add demand
Data cited by CryptoQuant show wallets holding 100,000 to 100 million XRP increased balances 2.8% over five weeks, while whale outflows made up a record 77.8% of centralized exchange withdrawals on July 22.
XRP rebounded above $1.16 this week, and the move has been linked to a shift in token supply dynamics, including fewer coins being sent to exchanges by large holders, alongside continued US-listed exchange traded fund demand, according to CryptoSlate.
As XRP consolidated around $1 during a prior stretch, weaker spot demand and falling prices limited recovery attempts. The latest edition of that supply pressure eased as exchange bound supply retreated, though the article cautioned that a decisive breakout still depends on whether ETF demand and broader spot buying can absorb remaining available supply.
On Santiment data referenced by CryptoSlate, wallets holding between 100,000 and 100 million XRP increased their collective balances by 2.8% over the past five weeks, while wallets with less than 0.01 XRP cut holdings by 5.2% over the same period.
CryptoQuant data also pointed to a growing whale role in exchange flows, with whales accounting for a record 77.8% of XRP outflows across centralized exchanges on July 22, up from 63% on May 6. The report said whale share fell for retail on exchange flows, and noted whale deposits to Binance collapsed 96% to 25.3 million XRP from a previous peak of 583 million, with the earlier inflow valued at about $1.36 billion versus about $23 million for the latest reading.
Latest closeXRP $1.113 ▼2.5%