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Large XRP investors made an unexpected move amid a local price correction. After a recent surge to $1.70, the token's price settled around $1.30, which triggered a five-year record drop in withdrawal volumes. Holders of million-dollar wallets have virtually stopped withdrawing tokens for the long term but have begun moving liquidity en masse to trading platforms.
According to CryptoQuant, the volume of XRP withdrawals from Binance fell to a five-year low. Large capital is now withdrawing just $49.7 million per day, a level last seen in October 2021. For comparison, in February 2025, when XRP was priced at $3.30, investors were withdrawing $3.5 billion per day.
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The current lull means that the phase of active long-term accumulation has been paused. Large players have taken a wait-and-see position.
Whales have stopped accumulating XRP, but exchange reserves are growing. Is that bad?
Over the past 30 days, 1.669 billion XRP was deposited on Binance, a seven-month high. In total, 6.05 billion XRP was deposited on major trading platforms over the month, the highest figure since March and almost double the volume of mid-August.
Coin inflows to exchanges usually create a risk of selling. However, analysts note that these volumes will not necessarily go into the order book; they are often used to maintain liquidity in the futures market or for the platforms' internal strategies.
In parallel, on October 20, a large single transaction was recorded on the network. A wallet that had accumulated about 300 million XRP in late 2025 at a price of around $2 transferred 82.3 million XRP (roughly $106–107 million) to a new address.
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More than 140 million coins remained in the source wallet. Since the new wallet is not linked to exchanges and went quiet immediately, analysts consider this an internal portfolio rebalancing rather than a sale.
While retail investors wait, stable demand for the asset continues to be generated by funds. The cumulative net inflow into US spot XRP ETFs has reached $1.8 billion, providing a price-forming foundation that is isolated from exchange speculators.
The current on-chain picture does not predict the direction of the price, but it confirms that free liquidity on exchanges is at a multi-month peak and the market is ready to exit the lull.