XRP Exchange Holdings Drop Over 104 Million as ETF Inflows Continue

XRP holdings on major cryptocurrency exchanges have dropped by more than 104.7 million tokens, while large wallet holdings have increased, indicating a potential accumulation trend. Binance and Upbit recorded significant outflows, with Binance's XRP holdings decreasing from 2.704 billion on September 26 to 2.631 billion on October 4. Upbit saw an outflow of 31.6 million XRP between September 11 and October 5. Data from CryptoQuant revealed that whales accounted for 84.2% of XRP withdrawals from Binance on September 29, while retail investors made up only 15%.

Meanwhile, large wallets holding between 10 million and 100 million XRP increased their combined balance to 13.8 billion on October 6, up from 12.48 billion on September 6, according to Santiment data. The trend of declining exchange balances coincides with the US spot XRP exchange-traded funds (ETFs) posting net inflows for the 12th consecutive week. However, last week's net inflows dropped sharply to $4.74 million from $75.6 million the previous week.

Adding to the market dynamics, Evernorth, a major XRP holder, is set to list on Nasdaq under the ticker XRPN. The Ripple-backed company is expected to complete its merger with Armada Acquisition Corp. II on October 7 and begin trading on October 8. Post-merger, the combined company is projected to hold approximately 473 million XRP, making it a significant player in the XRP market.

The combination of declining exchange balances, continued ETF inflows, and Evernorth's upcoming Nasdaq debut could shape the XRP market this month, according to BeInCrypto.