XRP recovered above $1.16 this week, but later traded near $1.14. Behind the price action, large holders have been quietly building positions while slashing deposits to exchanges, and US spot XRP exchange-traded funds continue to draw steady money.
Whale balances climb, exchange deposits collapse
Wallets holding between 100,000 and 100 million XRP increased their combined balances by 2.8% over the past five weeks. At the same time, wallets with less than 0.01 XRP — often considered retail — reduced holdings by 5.2%.
The shift is even starker on exchanges. On July 22, whales accounted for a record 77.8% of XRP outflows from centralized exchanges, up from 63% on May 6. Retail’s share of outflows fell to 22% from 36% over the same period.
On Binance, the world’s largest crypto exchange, large holders represented 71% of XRP withdrawals on July 22, compared with 67% in early May. Retail’s share on Binance slipped to 28.7% from 32%.
Whale deposits to Binance have collapsed. The latest reading shows just 25.3 million XRP deposited by whales, a 96% drop from a previous peak of 583 million XRP. The 90-day average value of whale inflows to Binance fell to about $69 million from $460 million in January 2025. The most recent daily reading is the lowest since that month.
ETF demand provides recurring support
US spot XRP ETFs have attracted about $12 million in July so far, putting them on track for a fourth consecutive month of net inflows. Monthly inflows have been: April $81.59 million, May $131.94 million, June $59.46 million, totaling roughly $285 million over four months.
Cumulative net inflows into the four XRP ETFs have reached about $1.49 billion since launch, with total assets under management of about $1.06 billion.
What the data suggests
ETF demand provides a recurring source of buying pressure while whales accumulate and reduce their exchange deposits. That combination has helped support XRP’s recovery from earlier lows.
The question now is whether the trend can hold. Whale accumulation and ETF inflows are both positive signals, but the broader crypto market remains volatile. XRP’s next move may depend on whether retail investors return or continue to pare back their positions.
