XRP Exchange Holdings Fall by More Than 100 Million; US Spot ETFs See 12th Straight Week of Inflows
Summary
- Major exchanges saw XRP holdings fall by more than 100 million tokens, while large wallet holdings increased.
- US spot ETFs tied to XRP posted net inflows for a 12th straight week, though last week's net inflows declined.
- Evernorth's Nasdaq listing and its projected holdings of about 473 million XRP could be key variables for the XRP market this month.
Forecast Trend Report by Period
XRP holdings on major exchanges have fallen by more than 100 million tokens, while US spot exchange-traded funds posted a 12th straight week of net inflows. Evernorth, a large holder of XRP, 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. On Upbit, holdings declined by 31.6 million XRP between Sept. 11 and Oct. 5. Combined outflows from the two exchanges totaled 104.7 million XRP.
Large investors accounted for most of the 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. According to Santiment, addresses holding between 10 million and 100 million XRP raised their combined balances to 13.8 billion on Oct. 6 from 12.48 billion on Sept. 6.
US spot XRP ETFs extended their run of net inflows to 12 straight weeks. Net inflows last week, however, dropped 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. It is projected to hold about 473 million XRP after the merger is completed.
BeInCrypto said the decline in exchange holdings, continued ETF inflows and Evernorth's Nasdaq listing could be key variables for the XRP market this month.
