On-chain data shows exchanges recently received the largest XRP deposit wave of 2026, before withdrawals completely flipped the trend. XRP Has Seen Massive Outflows That Reversed The Earlier Deposits As pointed out by on-chain analytics firm Santiment in an X post, exchange-activity related to XRP has occurred on a notable scale in both directions recently. The indicator of interest here is the “Exchange Flow Balance,” which measures the net amount of a given asset that’s moving into or out of the wallets connected to centralized exchanges. Related Reading: Ethereum Price Falls, But Whales Push Holdings To 10-Week High When the value of the indicator is positive, it means traders are depositing a net number of tokens to these platforms. As one of the main reasons why investors their transfer their coins to exchanges is for selling-related purposes, this kind of trend can be bearish for the cryptocurrency. On the other hand, the metric being below the zero mark suggests the outflows are overwhelming the inflows and a net amount of the asset is exiting exchange-associated addresses. Such a trend can be a sign that holders are accumulating, which can naturally have a bullish effect on the coin. Now, here is the chart shared by Santiment that shows the trend in the XRP Exchange Flow Balance over the last few months: As displayed in the above graph, the XRP Exchange Flow Balance observed a huge positive spike on Thursday, suggesting that a notable amount of the asset entered into exchanges. Interestingly, this move from traders arrived as the cryptocurrency slumped to a local bottom around $1.27. In total, the spike in the Exchange Flow Balance observed 22.80 million tokens shift to exchanges, representing the largest daily net inflow of 2026. Given the timing, it’s possible that investors made these deposits to participate in panic selling as the coin’s price went down. Contrary to what these traders may have feared, though, the cryptocurrency’s price actually saw a rebound after the inflows. The analytics firm noted: The massive flow of coins moving on to exchanges occurred right at the local bottom for $XRP’s price, leaving many retail traders who decided to sell off at the lowest price in 15 weeks… wishing they hadn’t. Related Reading: Cardano Millionaire Wallets Reach Highest ADA Holdings Since 2017 From the chart, it’s visible that as the rebound started, other investors, or some of the same traders, decided to take XRP supply off exchanges instead. This negative spike, involving the withdrawal of 25.24 million tokens, more than made up for the massive inflows, thus reversing the trend in the exchange supply. XRP Price XRP breached the $1.36 mark during its recovery surge, but the coin has since retraced again as its price is now trading around $1.30. Featured image from Dall-E, chart from TradingView.com
XRP is consolidating after several days of volatility and sharp price swings around the $1.50 level, as the market attempts to stabilize following recent directional uncertainty. While price action has slowed, traders remain cautious, watching for confirmation of either a continuation move or a deeper retrace. Related Reading: Ethereum Enters High-Leverage Regime As Binance Exposure Crosses 75% Beneath the surface, on-chain data points to a notable shift in market behavior. According to a CryptoQuant report, high-value XRP withdrawals are becoming increasingly dominant across multiple exchanges, with Binance emerging as the primary hub for these movements. The Multi-Exchange Daily Outflow (>1M XRP) metric, which filters for large transactions, highlights a clear trend: whale-driven flows are shaping current market dynamics. The data shows that Binance consistently records the largest withdrawals, underscoring its role as the central venue for large-scale XRP activity. One of the most significant events occurred on February 6, when Binance saw a single-day outflow of 530 million XRP, far exceeding activity on other platforms. More recently, since mid-March, Binance has continued to lead, with average daily outflows approaching 50 million XRP. At the same time, Coinbase recorded notable withdrawals in early March, suggesting that institutional or large-holder participation is not isolated, but rather part of a broader accumulation or redistribution phase. Whale-Dominated Outflows Shape XRP Market Structure The CryptoQuant report adds further clarity by breaking down XRP outflows by transfer size on Binance, offering a more granular view of who is driving current market activity. Rather than focusing on transaction count, this data isolates behavior based on the size of transfers, revealing a clear hierarchy among participants. The most striking observation is the dominance of the >1 million XRP transfer group, which consistently accounts for the largest share of outflows. This confirms that whales are the primary force behind current movements, actively withdrawing significant amounts of XRP from the exchange. Such behavior is typically associated with strategic repositioning, whether for long-term storage, OTC activity, or redistribution across venues. The >100,000 XRP segment ranks second, indicating that mid-sized players are also contributing to the trend, reinforcing the broader shift in liquidity away from exchanges. This layered participation suggests that outflows are not isolated to a few large entities, but reflect a wider segment of the market. In contrast, smaller transfers below 10,000 XRP remain negligible, highlighting the limited impact of retail activity in current flows. Structurally, this distribution confirms a whale-driven market environment, where large players dictate liquidity dynamics and influence short-term supply conditions. Related Reading: Solana Structure Fractures: Accumulation In Spot Clashes With Derivatives Selling Pressure XRP Remains Range-Bound Within a Broader Downtrend XRP’s daily chart continues to reflect a persistent downtrend with limited signs of structural recovery, as price consolidates around the $1.40–$1.50 range. After the sharp breakdown in early February, where XRP briefly dropped toward $1.20, the asset has entered a sideways phase, suggesting temporary stabilization but not a confirmed reversal. The broader trend remains intact. XRP is still trading below all major moving averages, including the 200-day, which is trending downward and acting as a key resistance level. The shorter-term averages are also declining, reinforcing the view that momentum remains weak despite recent consolidation. Related Reading: Ethereum Holds Above $2,300 As Open Interest Expansion Reinforces Uptrend Stability Price action over the past weeks shows repeated rejections near the $1.50 level, indicating that this zone is functioning as a short-term resistance barrier. At the same time, the $1.30–$1.35 region has provided consistent support, forming a narrow trading range. Volume analysis adds nuance. The capitulation event in February was accompanied by a significant spike in volume, while the current consolidation phase shows reduced activity, suggesting a lack of strong conviction from both buyers and sellers. Featured image from ChatGPT, chart from TradingView.com