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XRP XRP struggles near $1, despite similar assets rising slightly this week
XRP's price is still hovering near the $1 mark, even though its similar assets showed a slight increase this week. In the past month, the cryptocurrency asset has fallen nearly 10%. Despite the weak trend, XRP withdrawals on major platforms are still much higher than deposits.
Reserves decline
According to the latest analysis shared by CryptoQuant, as of August 19, XRP reserves on the three major exchanges of Upbit, Binance and Bithumb fell by approximately 240 million units from levels at the end of May and early June. South Korean giant Upbit holds 6.4 billion XRPs, down from 6.51 billion on May 30, a decrease of approximately 110 million, or 1.7%. Bithumb's data dropped to 1.82 billion from 1.85 billion on June 2, a decrease of about 30 million, or 1.6%.
At the same time, Binance experienced the largest percentage decline, with its token reserves falling from 2.72 billion to 2.62 billion over the same period, a decrease of approximately 100 million XRPs, or a 3.7%. The total reserves of the three exchanges fell from approximately 11.08 billion to 10.84 billion, a decrease of approximately 2.2%. Despite the decline in overall reserves, Upbit remains the platform with the largest number of cryptocurrency assets among the three exchanges. In fact, Upbit and Bithumb together hold approximately 8.22 billion XRPs, accounting for nearly 76% of the total reserves tracked by the three platforms.
Wallet activity turns to withdrawal
While exchange reserves have declined, wallet activity on major exchanges has also focused more on withdrawals. As of August 18, Coinbase's seven-day net wallet count was-14,300. The exchange accounted for 47.3% of the total absolute imbalance, the highest share since July 2024. Binance's net wallet count is-3,270 and Crypto.com's net wallet count is-2,680. Both exchanges turned negative on July 18, nearly a week later than Coinbase. Binance's share of the overall imbalance has also risen to about 10% from almost zero (July 16). Upbit's share fell to about 12% from 40% in June.
Active whale activity
Despite the weak price performance of the asset, large transactions on the XRP books have not stopped. Analyst data showed that the number of transactions worth more than $1 million in a single day surged 280% to nearly 40, compared with about 10 transactions per day in the previous two days. The surge came shortly after wallets holding 10 million to 100 million XRPs added to their holdings of approximately 72 million tokens in one day. Internet activity has also rebounded, with the ledger recording nearly 50,000 active addresses in 24 hours last week. Despite the increase in activity, social sentiment surrounding XRP fell to a three-month low.
