CryptoQuant contributor Amr Taha flagged a sharp slowdown in XRP activity across major exchanges. His “Multi Exchange Daily Depositing Withdrawing Transaction Delta” — tracking the daily difference between XRP deposits and withdrawals — shows transaction counts have fallen to their lowest level since the metric was introduced, after the asset slid more than 60% from its early-2025 peak.
Exchange Transaction Delta Plunges
The indicator measures the number of transfer interactions, not value, offering a window into how frequently traders deposit or withdraw XRP during different market phases. When XRP neared $3 earlier this year, deposit spikes dominated as traders moved tokens onto exchanges to sell. After the rally lost momentum, withdrawal activity surged between May and June 2025, signaling that many investors moved XRP off exchanges into private wallets during the broader market correction.
Such behavior typically reflects accumulation: investors who intend to hold longer-term transfer assets to secure storage rather than leave them on trading platforms. Binance remains the dominant exchange for XRP flows, and sudden shifts in this indicator often originate from activity on that platform’s order books.
From Selling to Hoarding
Current readings show extremely limited deposit and withdrawal transactions across all tracked exchanges. This suggests most holders are neither rushing to sell nor actively trading. The previous withdrawal waves in mid-2025 may have already moved a large portion of XRP supply off exchanges, reducing the amount available for quick liquidation. Taha noted that low deposit activity typically implies fewer investors plan to sell soon, since deposits usually increase when traders prepare to execute sell orders.
Interestingly, withdrawal peaks coincided with price dips, hinting that smart money bought the dip and moved coins to cold storage. If sentiment shifts, those coins could flow back onto exchanges, but for now the on-chain data remains silent.
Binance Dominates XRP Flow Landscape
Exchange distribution data confirms Binance handles the lion’s share of XRP transactions, with others like Coinbase and Kraken contributing far less. Any sudden spike in deposit or withdrawal activity — often a precursor to major price moves — would most likely first appear on Binance. Analysts closely watch such cross-exchange metrics for early signals of shifting supply dynamics.
Taha concludes that the current calm may represent a transitional period in XRP’s market structure, as speculative traders step back after extended volatility while long-term holders keep their positions intact. The next directional move will likely be signaled by a reversal in deposit activity or a sudden uptick in exchange inflows.