XRP ended July up more than 3.8%, snapping a two-month losing streak. The gain came as on-chain data showed a sharp drop in sell pressure on Binance and across centralized exchanges, with withdrawal activity hitting multi-year highs. But the rally lacked institutional backing — spot XRP ETFs pulled in just $19.6 million over 21 trading days, with zero inflows on more than half of them.
July's price turnaround
XRP's 3.8% monthly gain lagged Bitcoin's roughly 9% and Ethereum's 20% in July, but it broke a pattern. The token had fallen in both May and June. July has been a green month for XRP every year since 2020, so the move fits a seasonal trend. Still, the magnitude was modest compared to the broader market.
Sell pressure eases on Binance
Data from the exchange shows XRP inflows to Binance fell to a record low of about 3.6 million XRP average monthly inflow. That's the smallest on record and signals that fewer holders are sending tokens to the exchange to sell. Over the past seven days as of July 31, withdrawal transactions accounted for 55.6% of XRP activity on Binance — the highest share since February 2021. Across all centralized exchanges, the withdrawal share hit 54%, while the deposit share fell to 45.95%. Both are multi-year extremes. Less supply hitting order books typically supports price, but it's not enough on its own.
ETF demand stays thin
Spot XRP ETFs attracted only about $19.6 million in net inflows across July's 21 trading days. On 11 of those days, inflows were zero. There were even outflows on July 1 and July 8. Institutional demand through ETFs remains thin, which limits the kind of sustained buying that could push XRP decisively higher. Without that, the rally relies on retail and exchange dynamics.
What August might bring
August is historically XRP's flattest month, with average returns of just 0.43%. It has closed in the red for four consecutive years. Analyst Darkfost said reduced sell pressure could help XRP establish support above $1, but a rebound in demand is needed for a sustainable bullish trend. The next test will be whether the withdrawal-heavy pattern holds into August and whether ETF flows pick up — or stay stuck near zero.
