Data indicates a trend of XRP withdrawals exceeding deposits across several major cryptocurrency exchanges over a recent seven-day period. Exchanges including Coinbase, Binance, and Crypto.com have all recorded net outflows, with Coinbase showing the largest imbalance. It is important to note that this metric does not suggest future price direction.
Net wallet count, a metric that tracks whether more users are depositing or withdrawing a cryptocurrency from an exchange, has turned negative for XRP on these platforms. According to data shared by Analyst Amr Taha, Coinbase recorded a seven-day net wallet count of -14,300. Binance followed with -3,270 net wallets, and Crypto.com registered -2,680.
This imbalance suggests that more XRP holders are moving their assets off these exchanges than are depositing them. The trend is not attributed to a single day’s activity, as Binance and Crypto.com moved below zero on July 18, nearly a week after Coinbase initiated its net withdrawals. As of August 18, Coinbase accounted for 47.3% of the total absolute 7-day net wallet imbalance, its highest level since July 2024. Binance’s share of this imbalance has also grown, moving from near zero on July 16 to approximately 10% currently. In contrast, Upbit’s share of the net wallet imbalance has decreased, falling from 40% in June to around 12% recently.
This on-chain activity coincides with XRP trading just under the $1 mark. Over the past seven days, XRP’s price has seen a slight decrease of just over 1%. Looking at longer periods, the cryptocurrency is down 7% over the last two weeks and 9% over the past 30 days. The yearly performance shows a more significant decline, with XRP having fallen well over 66% from its price 12 months ago.
Amidst these observations, analysts offer varied perspectives on XRP’s future, with significant uncertainty surrounding these predictions. According to analysts like Crypto Patel, the current situation could worsen before improving, with a potential further drop of 20% to 40% suggested, which could place XRP in an accumulation zone between $0.85 and $0.65. Conversely, another market watcher, ChartNerd, has noted that XRP is exhibiting a coiling pattern similar to one that preceded a major bull run in the past, albeit on a larger scale. He predicts a potential strong breakout towards price targets of $8, $13, and $27, provided the ascending support holds.
However, these analyst predictions are subject to significant uncertainty. The exact implications of the increased withdrawal activity remain unclear, and the future price movements of XRP are not definitively predictable. The current data highlights a trend in exchange activity but does not offer certainty regarding future market direction.
Why This Matters
The materials describe a narrow update: Data indicates a trend of more XRP withdrawals than deposits across several major cryptocurrency exchanges, including Coinbase, Binance, and Crypto. The exact timing and duration of the current withdrawal trend.
Broader Context
Source materials place the factual news in this context: Wallet activity related to XRP has become heavily weighted toward withdrawals.
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