According to CryptoQuant, daily XRP withdrawals from exchange operations, amounting to 1 million tokens or more, have exceeded 320 million. This information's relevance is confirmed by analyst Xaif Crypto, who noted that the last similar surge in August led to an XRP price increase of more than 42%. Binance led in withdrawals, followed by Coinbase, Upbit, Bybit, and Bitget, the latter of which recently faced a $387 million leak. "The last time we saw a similar surge (in August), XRP soared from $1.05 to $1.50," the trader emphasized. Analyst Amr Taha monitored the situation with XRP reserves on Binance. The exchange's reserves increased from 2.60 billion to 2.70 billion tokens from September 13 to 27, then decreased to 2.647 billion by September 30, which was about 57 million XRP, or 2.1%. The decrease may leave fewer tokens for spot trading and reduce selling pressure, Taha noted.
According to CryptoOnChain data, the impact of leverage decreased faster than the price drop. Open interest in XRP on Binance, meaning the value of open futures positions, fell to $521.5 million on September 29, which is 15.3% less than the six-month high of $616.1 million a week earlier. Meanwhile, the average volume of long liquidations was $3.72 million per day from September 24 to 29, which is about 2.6 times the six-month average. Funding rates also decreased from 0.010 to 0.005, while leverage remains above its six-month average of 0.169.
At the time of writing, XRP was trading close to $1.50, having increased by about 1% over the past 24 hours, with minor changes observed on a weekly basis. The fifth-largest cryptocurrency by market capitalization has risen by 16% over the past 14 days but still shows a decline of more than 47% over the past 12 months. In early October, as reported by CryptoPotato, XRP closed September with a third consecutive green month, increasing its value by 8%. During this time, XRP spot exchange-traded funds attracted more than $121 million, raising total net inflows to nearly $1.8 billion. Since the beginning of July, they have not recorded a single red week. However, October has historically been a challenging month for the token. Only five of the last 13 Octobers ended with gains for XRP, the last being a 16.5% increase in 2023, followed by a 16.7% decline in 2024 and nearly a 12% drop last year after the well-known sell-off on October 10.
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