The XRP market is experiencing a significant structural shift. Several major exchanges are simultaneously recording a sharp predominance of withdrawal transactions over deposits. This indicates a change in sentiment among large holders, who prefer to take coins off trading platforms rather than accumulate them there.
Coinbase: Five-Month High in Outflows
On Coinbase, the seven-day net flow of XRP transactions (the difference between withdrawals and deposits) dropped to -13,000 transactions as of July 15. This value exceeds the previous low of -12,300 recorded on February 14. Thus, the gap between withdrawals and deposits increased by approximately 700 transactions, or 5.7%, marking the highest level in the last five months.
A similar trend is observed on Binance, where the net flow dropped to approximately -5,600 transactions, closely approaching levels seen on February 11. However, the scale of outflows on Coinbase is 2.3 times greater than on Binance, indicating a more aggressive removal of coins from that platform.
Bybit: Sharp Trend Reversal
The most dramatic structural reversal occurred on Bybit. Over 38 days, from June 7 to July 15, the net flow of transactions plummeted from +27,000 to -220. This represents a shift of nearly 27,220 operations—from a phase of active accumulation to a near-neutral zone. Such a rapid change signals that the previous influx of funds has virtually dried up, without having time to transition into aggressive withdrawals.
Binance Reserves Melting
The picture is complemented by an analysis of XRP reserves on Binance. According to on-chain analysts, the exchange's reserves have shrunk to 2.61 billion XRP—the lowest level since February. At the same time, reserves have stabilized at this level, indicating a continued reduction in available supply without visible inflows to replenish it. Notably, the price of XRP during this period fell to approximately $1.06.
This clearly demonstrates that a reduction in exchange reserves is not an automatic trigger for price growth. The market is simultaneously influenced by liquidity, trading volumes, and overall investor sentiment.
Analyst's Conclusion
The aggregate data from Coinbase, Binance, and Bybit points to one thing: coins are massively leaving exchanges, but the price of XRP remains under pressure. However, if the outflow continues against a backdrop of growing demand, it could ease selling pressure in the medium term. The key confirmation of this hypothesis will be the dynamics of the coming weeks.
My professional opinion: The current outflow of XRP from exchanges is not a panic sell-off, but rather a strategic redistribution of assets by large players. They are moving coins into cold storage, either anticipating long-term growth or avoiding risks associated with holding funds on centralized platforms. While the price has not yet reacted with an increase, it is precisely such accumulations that often precede significant price movements.