XRP Exchange Withdrawals Soar to Five-Year High Amid Token's Price Rebound
XRP exchange withdrawals have reached their highest level in over five years as investors seek to buy into the token's recent price movements. According to data from CryptoQuant, Binance's seven-day XRP withdrawal transaction share surged to 55.6% on July 31, with all centralized exchanges seeing a 54% share of withdrawal transactions.
This marks a significant divergence in demand for XRP, with deposit transaction shares dropping to matching five-year lows of 44.3% on Binance and 45.95% across all exchanges. This gap has accelerated sharply over the past few weeks, coinciding with XRP's price retesting a multi-year support range of between $1 and $1.05.
The rising demand for XRP could help ease its year-to-date (YTD) selling pressure, which has seen the token plunge 42%. Analysts note that this renewed interest in XRP may be driven by its price retesting a breakout from a multi-year symmetrical triangle.