XRP Exchange Balances Drop by More Than 104 Million as US Spot ETFs Extend Inflow Streak to 12 Weeks

XRP holdings on major exchanges have fallen by more than 100 million tokens, while US spot exchange-traded funds tied to the token posted net inflows for a 12th straight week. Evernorth, a major XRP holder, is also nearing a Nasdaq listing.

BeInCrypto reported on Oct. 6 that Binance's XRP holdings fell to 2.631 billion on Oct. 4 from 2.704 billion on Sept. 26. Upbit also recorded an outflow of 31.6 million XRP between Sept. 11 and Oct. 5, bringing total withdrawals from the two exchanges to 104.7 million XRP.

Large investors accounted for a growing share of those withdrawals. CryptoQuant data showed whales made up 84.2% of XRP withdrawals from Binance on Sept. 29, while retail investors accounted for 15%.

Holdings in large wallets also increased. Santiment data showed addresses holding between 10 million and 100 million XRP raised their combined balance to 13.8 billion on Oct. 6 from 12.48 billion on Sept. 6.

US spot XRP ETFs extended their net inflow streak to 12 consecutive weeks. Last week's net inflows, however, fell sharply to $4.74 million from $75.6 million a week earlier.

Evernorth, which holds a large amount of XRP, is also scheduled to list on Nasdaq. The Ripple-backed company is set to complete its merger with Armada Acquisition Corp. II on Oct. 7 and begin trading on Nasdaq under the ticker XRPN on Oct. 8. The combined company is projected to hold about 473 million XRP after the merger.

BeInCrypto said declining exchange balances, ETF inflows and Evernorth's Nasdaq debut could be key variables for the XRP market this month.