CryptoSlate
XRP's recovery above $1.16 this week is meeting a supply squeeze on two fronts. US-listed spot XRP ETFs are on track for a fourth straight month of net inflows, with about $12 million booked so far in July on top of $81.59M in April, $131.94M in May and $59.46M in June. Cumulative net inflows since launch now sit near $1.49 billion, with total ETF assets around $1.06 billion. On the supply side, whales are pulling coins off exchanges at a pace the market has not seen this cycle.
Why it matters
Whale deposits to Binance have collapsed 96% to 25.3 million XRP from a January peak of 583 million, worth roughly $23 million today versus $1.36 billion at the earlier high. The 90-day average value of those deposits has fallen to about $69 million from $460 million in January 2025, and the latest daily reading is the lowest since that month. At the same time, wallets holding 100,000 to 100 million XRP have lifted collective balances by 2.8% over the past five weeks, while sub-0.01 wallets trimmed 5.2%. The combination is the textbook setup for an under-supplied spot market: large holders are accumulating and withdrawing, smaller holders are distributing.
Market impact
Whales now account for a record 77.8% of XRP outflows across centralized exchanges as of July 22, up from 63% on May 6, with retail's share down to 22% from 36%. The pattern holds on Binance specifically, where large holders drove 71% of withdrawals versus 28.7% retail. XRP had given back part of Tuesday's advance and was trading near $1.14 at press time, leaving the next leg of the recovery contingent on whether ETF demand can absorb the residual sell-side supply. Monthly ETF flows remain modest next to Bitcoin products, but their persistence turns them into a recurring buyer in a market where whale deposit volume has effectively been pulled. That is the read the rest of crypto is watching: a $285M four-month ETF streak meeting an exchange supply line that has thinned by 96% is a meaningfully tighter market than the $1.14 print suggests.
Frequently asked questions
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How much have US spot XRP ETFs pulled in over four months?
About $285 million cumulatively from April through July so far, with $81.59M in April, $131.94M in May, $59.46M in June and roughly $12M booked in July as of press time. Cumulative net inflows since launch sit near $1.49B.
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How much have whale deposits to Binance actually fallen?
Whale deposits to Binance collapsed 96% to 25.3 million XRP from a January peak of 583 million. The 90-day average value of those deposits fell to about $69M from $460M in January 2025, with the latest daily reading the lowest since that month.
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What share of XRP exchange outflows are whales now driving?
Whales accounted for a record 77.8% of XRP outflows across centralized exchanges on July 22, up from 63% on May 6. Retail's share fell to 22% from 36% over the same window, with a similar pattern on Binance specifically.
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Are smaller XRP holders also accumulating or selling?
Wallets holding 100,000 to 100 million XRP lifted collective balances by 2.8% over the past five weeks, while wallets with under 0.01 XRP trimmed holdings by 5.2%, according to Santiment data.
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What price level is XRP trading at and what breaks the range?
XRP was trading near $1.14 after surrendering part of Tuesday's advance above $1.16. The next test is whether ETF demand can absorb residual supply and push XRP beyond the range that has held since June.
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