Whale inflows to Binance have dropped to their lowest level since January 2025 and mid-sized to large wallets are accumulating, even as spot activity on Binance and Upbit remains soft.
XRP traded around $1.14 on Wednesday, up more than 2% on the day, as new on-chain data pointed to easing sell pressure from large holders even while spot-market participation remained weak. The token is still framed by a closely watched $1.18 breakout level, but the latest signals add a more constructive supply picture to a market that had previously been driven mainly by derivatives positioning. On Binance, whale deposits fell to 25.3 million XRP, the lowest since January 2025, down from a peak of 583 million XRP worth roughly $1.36 billion. Darkfost said the 90-day average of whale inflows also dropped from about $460 million in early 2025 to near $69 million, suggesting the largest XRP sellers on Binance may be exhausting. Santiment data showed addresses holding 100,000 to 100 million XRP increased holdings by 2.8% over five weeks, while wallets holding under 0.01 XRP reduced positions by 5.2%, highlighting accumulation by larger holders as the smallest addresses exited. Those signals contrast with still-soft spot activity. Weekly XRP trading volume on Upbit had already fallen nearly 51% from late June to mid-July, while CryptoOnchain previously said Binance inflows, outflows and deposit addresses slumped sharply. Earlier derivatives data showed open interest above $2.4 billion and Binance XRP open interest up 5.9% to 423.8 million, with funding rates near neutral, indicating leveraged positioning had been rebuilding without a clear return of broad cash-market demand. The latest read suggests accumulation may provide a floor for XRP, but sustained spot buying remains the key signal to watch.