Binance and Upbit have lost a combined 104.7 million XRP since mid-September, with the bulk of the decline hitting Binance in the past week. Binance's XRP balance fell from 2.704 billion to 2.631 billion between September 26 and October 4, 2025, while Upbit shed 31.6 million XRP between September 11 and October 5. The timing matters: whale wallets are growing, and a Ripple-backed Nasdaq listing is two days away.
Where the coins went
On Binance, whale outflow dominance hit 84.2% on September 29, meaning large holders accounted for the vast majority of XRP leaving the exchange. Retail's share of outflows dropped to 15% over the same window.
Those coins didn't vanish. Addresses holding between 10 million and 100 million XRP controlled 13.8 billion tokens as of October 6, up from 12.48 billion on September 6. Most of that accumulation happened around September 24, according to the data.
So the picture isn't complicated: big players are pulling XRP off exchanges and parking it in self-custody. That's usually a signal of longer-term positioning, not a quick trade.
Sentiment takes a hit
Price action hasn't matched the accumulation. XRP trades at $1.51, down 1.36% on the day. The token closed July, August, and September higher, gaining more than 43% for the quarter, but momentum has cooled as October gets going.
Santiment's bullish-to-bearish ratio for XRP fell to 0.67 at the start of the month. That's its weakest reading since August 17. Binance open interest sits at $516.6 million, well below the $1.3 billion it hit in October 2025 — a reminder that leverage has drained out of the market.
One technical note making the rounds: a four-hour close above $1.53 could set up a push toward $1.62. Below that, the chart offers little to get excited about.
The Evernorth listing looms
The bigger catalyst is corporate. Ripple-backed Evernorth expects to close its merger with Armada Acquisition Corp. II on October 7, with the combined company potentially trading on Nasdaq under the ticker XRPN the following day.
Evernorth is set to hold roughly 473 million XRP at closing, which would make it the largest publicly traded XRP treasury. One catch: that stash is worth about 37% less than when the deal was signed.
Armada's shares closed Monday at $38.65, up 142.02% over five days, per Google Finance data. The market is clearly pricing in something — whether that's the treasury strategy or just the ticker change is anyone's guess.
ETFs keep quietly buying
XRP ETFs have now logged net inflows for 12 consecutive weeks, according to SoSoValue. That's a long streak by any measure.
But the weekly totals are shrinking fast. XRP funds added $4.74 million last week, down from $75.6 million the week before. The trend is still positive, though the pace has fallen off a cliff.
Between Evernorth's debut, Ripple's Swell conference, and the Federal Reserve's October 27–28 meeting, the month has no shortage of potential catalysts. For now, the whale wallets are voting with their feet.
